Frequent layoffs not a reflection of state of economy – Premier Smith
Questioned at a press briefing on October 18, 2013, about whether government was worried by the frequency of layoffs, Dr Smith replied, “The frequency of layoffs, depends on numbers, does not necessarily reflect the state of the economy. The state of the economy is determined by all the work that goes on in the Territory.”
Dr Smith said while there may be layoffs in one area, there may be people added to the workforce in other areas and other forms of activity. The Premier further indicated, that this was not a simple or easy question to answer.
Several reports have emerged about pending layoffs at companies such as LIME, CIBC First Caribbean International Bank and FirstBank. There were also a number of layoffs reported a few months ago at CCT Global Communications.
The Premier reiterated that the approximately 0.2% drop in the economy in 2012 was not significant but noted that statistics for the current year would not be available for some time in order to make a qualified statement on the economy.
Premier Smith said his government expresses sympathy with persons that have been laid off recently and has stated that it continues to put measures in place to create jobs in various sectors
“Yes I understand that there have been some layoffs and we sympathize with the persons that have been laid off,” he stated.
Premier Smith explained that this is the reason why government is pursuing developments such as the cruise pier, the airport and others in order to create new employment in the territory. He added that the National Business Burea is also a part of government’s efforts in this regard.
Dr Smith said he felt affected workers have found comfort in government’s intervention where there have been talks with companies that have pending layoffs or have already laid off workers.
“I think that the workers have comfort in the intervention by government,” Dr Smith said, “and I believe that while can say there have been layoffs, many businesses have to make business decisions and sometimes it means downsizing in order to be able to rebuild and then get large again.”
During this time, Premier Smith added, government must assist with and also try to foster growth in other areas so that employment could be offered in other areas as well.
35 Responses to “Frequent layoffs not a reflection of state of economy – Premier Smith”
Premier you have lost your way in leading your administration. first of all you need to tell these companies when they are going to lay off the workers pl. give them their right severance pay and be honest with them.
Ur right. Ur a doctor of medicine not economics
The man is right. The only 'local' company that laid off was CCT and they were bloated from the beginning. Long Bay is globally owned, LIME is globally owned, FCIB is globally owned, FirstBank is globally owned, TMF is globally owned. Name one real 'LOCAL' business that laid off anybody. People are making business decisions most of which are bigger than just BVI. All of these companies laid off across the entire Region, so that means all of their economies are in the pits as well? If it was just BVI offices laying off then I would see. The point is businesses have to change the way they do things. Government will soon have to lay off as well so you don't worry. They cannot sustain having so many people employed. I found over 120 jobs in the Beacon last week, many for new businesses or expanding businesses. The problem here isn't about the economy but rather people's limited understanding of how it works. BVI has been spoiled for so many years and convinced that everything revolved around us and we will always be on top. Now things are shaking up a little everybody is panicking and blaming the Govt. for everything. I must admit though that Doc and NDP just make $h!it worst with their stupid PR tactics. They should come out and be straight with people and stop chatting $%^&. The economy is not in the pits but to keep harping on robust without providing clarity only feeds the flame. All Doc had to tell people is we are going through a rough time right now because of global happenings and we need to hold tight and do the necesssary to get back on our feet. The BVI economy has a good future if things are done right and all is not lost. But for the love of Christ I don't know why NDP cannot put together a proper reasonable statement to the people without coming off as out of touch. If the Premier can get BVIEC costs down for small businesses especially he would be surprised to see real growth. That bill alone is killing many smaller businesses and even some big ones are feeling the pinch. That one cost has caused ALL prices to escalate in the country making it harder for the little man to survive. I know BVI will come back but the people need to push harder and snap out of the spoiled days as those days are DONE! Doc I advise you to just hush and do the people's work because what you're saying gives no comfort. You and your Ministers need to get on the same page. A good start would be to get respected individuals locally with knowledge of economics to come out and explain to people in details on the radio shows, talk shows etc. and that would give people comfort. Same with NHI and other stuff, people want to hear from qualified individuals not political appointees without a clue.