WILLEMSTAD – Curaçao’s overall unemployment rate has dropped significantly in recent years, according to new figures from the Central Bureau of Statistics (CBS), reflecting the island’s continuing economic recovery after the COVID-19 crisis.
CBS data show that the general unemployment rate fell from 13.1 percent in 2022 to 7.8 percent in 2024. During the height of the pandemic, unemployment at one point reached 19.1 percent.
The unemployment rate is calculated by comparing the number of unemployed people within the labor force to the total labor force population. People are considered part of the labor force if they are either employed or actively seeking work. Retirees, students, and homemakers are excluded from the calculation.
The figures suggest that Curaçao’s labor market has improved alongside the island’s broader economic growth following the severe downturn caused by the coronavirus pandemic.
Despite the positive trend, the Social Economic Council (SER) of Curaçao is warning that unemployment among young people remains a serious problem.
According to SER director Raul Henriquez, youth unemployment currently stands at 16.3 percent, a level he describes as high to very high. For CBS purposes, “youth” refers to people between the ages of 15 and 24 who are no longer students and are actively looking for work.
Henriquez argues that the main cause is a growing mismatch between the education system and the needs of the labor market.
According to the SER, many young people are not adequately prepared for the current job market, something the organization describes as a warning signal that should not be ignored if Curaçao wants to achieve its ambitious economic growth goals.
The SER believes the education system must become more closely aligned with labor market demand. The organization is calling on the government to develop policies that create a stronger learning culture connected directly to the needs of employers.
The council also says employers should work more closely with graduates, supported by government initiatives and cooperation between the public and private sectors.
Henriquez further warned about the risk of “brain drain,” where young people leave Curaçao to build careers abroad. Instead, the island should aim for “brain gain” by retaining locally trained talent and skills within the Curaçao economy.