ILO indicates reduction in unemployment rate in Latin America
The ILO indicated that despite the drop in the unemployment rate in Latin America and the Caribbean, the inflationary crisis and the effects of the Russia-Ukraine conflict can increase informality and affect the quality of employment
Recent estimates from the International Labor Organization indicate a drop in the unemployment rate in Latin America and the Caribbean when comparing figures with the same period in 2021.
According to the ILO, the previous year, the unemployment rate stood at 8.7% for the first quarter of the year. In 2022, for the same period it stood at 7.9%. However, the agency is not anticipating a positive scenario given the consequences in the region of high inflation and the effects of the Russia-Ukraine conflict.
Signs of economic recovery are slight. In addition, the quality of work has been negatively affected, to the point of projecting an increase in informal employment in both regions, according to the recent ILO report.
As a recommendation to the countries that make up Latin America and the Caribbean, the international organization has indicated in its most recent report: “It is crucial that countries implement a combination of policies to face the deterioration of labor markets.”
According to the ILO, when there is a loss of labor income, this leads to the “phenomenon of the working poor.” This means that “despite the fact that people have jobs, they continue to be in a situation of poverty, even if they have formal jobs.”
M.Pino
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Source: france24
