The CEPAL predicts an increase of unemployment in Latin America

The organism forecasts an increase of unemployed people up to 11.5 million as a consequence of the coronavirus pandemia

The countries from Latin America and the Caribbean were already going through a critical situation before the World Health Organization declared  the global emergency due to the coronavirus pandemia.

The quarantine provoked the closure of companies, a measure that implied the considerable increase of unemployment which, according to the CEPAL, could reach 11.5 millions of people this year.

The Economic Commission for Latin America and the Caribbean has predicted an economy contraction for both regions of -5,3%, the worst since 1930, “which will have negative effects on the labor market, with an increase of unemployment rate of at least 3.4 points, up to 11.5 %, or the equivalent to more than 11.5 millions of new unemployed.”

The organization had already published its forecasts a month ago, but it presented them again this Thursday during a conference together with the International Labor Organization about work challenges post COVID-19.

Both entities underlined the negative effects of the pandemia on the labor market through a report submitted during the conference.

M.Pino

Source: bancaynegocios

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