Inflation and Employment, 2010 – 2011
It is interesting to take note of the inflation rates in December 2010 and December 2011. These statistics reveal a lot about the region’s economy.
The region had a 3.1 percent average inflation rate in 2010. A year later, this was at 4.5 percent. This shows how the rate remained and well below 10 percent, the rate which usually means prices are outrunning increases in income and thus showing a reduction in the goods that people can buy.
Compare this increase in prices to employment.
In October 2011, the employment rate stood at 96.0 percent. In 2010, this was 93.9 percent. This shows a significant improvement as unemployment went down by 6.1 percent to 4.0 percent.
Thus, while the increase in prices was relatively low, more employment occurred.
These are signs of a healthy economy where inflation is under control and more people (including self-employment especially in agriculture) had jobs.
It looks like the government policy of providing more assistance to agriculture and improving infrastructure especially in rural areas is bearing fruits. Gains are being achieved, as shown earlier.
The renewed vigor in the areas of spending for infrastructure projects will continue these gains.
If implemented properly, such policies will lead to a much improved regional economy.
Roads can increase production of agricultural goods, the provision of services (such as transportation and tourism) and increase products for processing in small industries.
By: Junie Go-Soco
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