80/20 rule not good for the economy

PHILIPSBURG/WILLEMSTAD – Sustainable economic growth can reduce poverty, contributing to broad-based prosperity in our communities. Sustainable economic growth and poverty reduction constitute two sides of a coin. 

On the one side, sustainable economic growth will increase employment, resulting in income improvement and higher domestic demand. On the other side, failure to address poverty effectively will negatively affect a country’s ability to achieve higher economic growth.
The President of the Central Bank of Curaçao and Sint Maarten (CBCS) states in the Report of the President of the Bank’s annual report of 2011 that poverty reduction and economic growth both depend on an attractive investment climate. A more attractive investment climate will promote more private sector investment, which is ultimately the driver of sustainable economic growth. In this context, it is very important for the government to improve transparency andreduce red tape. Moreover, the education system should provide graduates with skills currently needed in the labor market. The recent decision by the Curaçao government to make education more accessible to everyone is commendable. However, it is worrisome that no attention seems to be given to the quality of education.
The rigidities in the labor market also need to be addressed to boost job creation. The government’s recent decision to promulgate the so-called 80/20 rule, prescribing a minimum share of 80% local workers for companies established in Curaçao, is not conducive to addressing those rigidities. An unfettered implementation of this rule may make our labor market less flexible and hence erode our competitive position.
Read more in the article of Dr. Emsley Tromp: Increasing the tax and premium burden will lead to more unemployment

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