Ladies and gentlemen, workers and employers it is once again my privilege to make this national Labour Day address.
 
The severe economic downturn that spread across the globe beginning in late 2007 continues to pose extraordinary challenges for the international community.

From unacceptable levels of unemployment to business losses to reductions in national budgets, just about no country has been spared.

Bahamians know full well its effects on us here at home.  Households, employees, industry and Government have all had to tighten their belts and make sacrifices.
 
 Despite these challenges, the Bahamas is weathering this crisis better than most countries in the world.

 Further, despite necessary restraint and reductions in the national budget for 2010/11, the Government of the Bahamas has not cut salaries or jobs in the public service.  As you know many if not most countries in the world have had to take both of these measures.

Still, even though we can be cautiously optimistic about an emerging recovery that may pick up steam later in 2011, there is still need for The Government of the Bahamas to be wise and prudent about our public finances.

You are aware that this government responded to the economic crisis by designing new programmes and strengthening some established ones.

At the outset of the economic crisis, we helped to stimulate the economy at the right time. We did so through the largest public infrastructure programme in Bahamian history.

This stimulus programme provided and continues to provide many jobs as well as economic activity for small, medium and larger businesses.
 We also initiated the landmark Unemployment Benefits Programme which has been a godsend and a lifeline for thousands of Bahamians.

We also initiated the National Training Programme.  This programme sought to re-train Bahamians to gain new skills in a changing world economy.

Over 700 people were enrolled and more than eighty percent completed their training.  From these graduates, 100 people were invited to enroll in the Entrepreneurship Programme. 

These individuals submitted business plans which were then evaluated.  A number of them in New Providence and Grand Bahama will receive micro grants to start their own businesses. 
 
 I thank the various unions, The Employers Confederation, The Bahamas Christian Council, The College of The Bahamas, The Bahamas Technical and Vocational Institute, The Bahamas Chamber of Commerce, and the Department of Labour for their efforts in making these innovative programmes a reality. 

It was through consultation with the afore-mentioned organizations that this Government introduced landmark legislation that is helping to improve the conditions of Bahamian workers.

 I thank the officers and staff of the Department of Labour for continuing to perform their duties in an exemplary manner despite many challenges.

 Again this year, I urge labour unions to help to foster a spirit of accord and unity within the country and among themselves.

I am pleased that after some time that The College of The Bahamas and the Union of Tertiary Educators of the Bahamas have decided on binding arbitration.   We look forward to the settlement of this matter in a reasonable period of time.

   The Government continues to be cautiously optimistic that in this year and through 2011 that our economy will gradually continue to improve.  

We will continue to be prudent. This will help to ensure that our national house remains in order as recovery and growth become more manifest.

I encourage every Bahamian household and business house to also be as prudent as possible.

  The Bahamas has survived other downturns.  We will survive this one.  But, we will only do so, if we make the wise decisions today, that will help us to take advantage of the possibilities tomorrow.

Happy Labour Day. God bless you and the Commonwealth of the Bahamas.