Abstract
Recent studies of the economic growth and development process have emphasised the critical role of human capital in achieving high rates of output growth, reducing unemployment and poverty and enhancing social development (see World Bank, 2005). For small developing countries like those in the Caribbean, the existence of limited natural resources means that emphasis must be placed on human resources development (HRD) in national development strategy formulation. Human resources development refers to the enhancement of the skills, knowledge and competencies of the population so that the workforce can contribute meaningfully to the national development process. Through education and training (and health and nutrition), HRD can overcome imbalances in the labour market. Employers would be able to obtain the quality and quantity of labour resources they need, while individuals would be able to supply better quality labour resources, achieve higher levels of productivity and receive higher incomes. HRD initiatives must therefore be related to the dynamics of the labour market.
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