GIS - 18 April, 2019: Government has put in place several economic policies in a bid to spur growth, create jobs, improve employability, and attract foreign investors. The rate of unemployment is presently at its lowest since 2001; and the rate of economic growth and foreign investment are steadfastly rising.
This statement was made on, Tuesday, 16 February 2019, by the Prime Minister, Minister of Home Affairs, External Communications and National Development Unit, Minister of Finance and Economic Development, Mr. Pravind Kumar Jugnauth, in the National Assembly in reply to a Parliamentary Question on economic indicators with regard to youth unemployment, Gross Domestic Product (GDP) and Foreign Direct Investments (FDI).
Speaking on the rate of unemployment, the Prime Minister indicated that it has been on a clear declining trend for the past three years adding that the rate of unemployment fell from 7.1% in 2017 to 6.9% in 2018. The number of workers has increased from 559 200 workers in 2014 to 573 100 in 2018, he said. This, he underlined, is indicative of the expansion of the growth potential of the economy
Furthermore, he underlined that the youth unemployment rate, stood at 25.1% in 2018 and added that it also includes young people who are enrolled in part time courses at the Open University, tertiary institutions and other training establishments and are in search for a job. According to statistics, 52% of the unemployed youth find employment in less than 5 months and in almost all countries around the world, the rate of unemployment among young people is higher than the overall unemployment rate, he added.
As regards the growth path of the economy, the Prime Minister underlined that the growth rate, is firmly on a rising trend, while adding that for the past three years including 2018, the growth rates have increased and stand at 3.8%. He recalled that GDP declined since 2009 with GDP growth reaching as low as 3.4% in 2013.
The Prime Minister further indicated that according to Statistics Mauritius, the growth rate is estimated to be at 3.9% for 2019 and added that the International Monetary Fund is forecasting a growth rate of 3.9% for both 2019 and 2020 and 4% in the medium term. He also dwelt on Moody’s, according to which, Government’s proactive approach via a wide range of projects and measures will support GDP growth of around 4% in 2019 and 2020.
Prime Minister Jugnauth, also highlighted that in 2017, FDI inflows reached the highest level ever recorded that is, Rs 21.2 billion and added that for 2018, they are estimated at Rs 17.4 billion. These figures, he underscored, testify the growing confidence of foreign investors in the country’s economy.
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