According to Reuters (Dec 4), Seychelles’ economy will grow an estimated 3 percent in 2013 from 2.7 percent this year. While growth is expected to improve modestly, inflation will remain a “challenge”, Finance Minister Pierre Laporte said in his 2013 budget reading on Tuesday.
“We remain cautious of the downside risks to the forecasts since, as we have said repeatedly, our economy remains vulnerable to external developments,” Laporte told parliament.
Inflation is expected to slow to around 5 percent next year from the 7.6 percent recorded in last October. Tourism, the Indian Ocean archipelago’s main economic driver, would grow 3 percent in 2013, the minister said.
Youth unemployment in the Seychelles is relatively low, as there are generally sufficient jobs on offer; the government provides a number of training program to enhance skills, and job-search information is readily available.
However, there are still challenges – including the somewhat laissez-faire attitude regarding employment choices of Seychellois youth and the impact of drugs and substance abuse – which translate to reluctance in hiring first-time jobseekers and a preference for expatriates.
“Until the lion has his own storyteller, the hunter will always have the best part of the story” – Chinua Achebe
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Image by the Central Bank of Sychelles