2023-12-28 16:32:13
Costa Rica is the second country with the highest unemployment rate. Photo: LR/Andina composition
Much of the countries of Latin America saw its economy affected following the arrival of the COVID-19 pandemic. Thousands of people lost their jobs, some got another one, but the consequences continue to affect various nations. For this reason, the International Labor Organization (ILO) has published the report ‘Labor Panorama of Latin America and the Caribbean’ in which it shows the ranking of countries with higher unemployment rate.
The list It covers 16 nations and in most of them the “slowdown in the growth of the volume of employment” is observed, the study points out. Below, we tell you who leads the ranking and what is the position of the other countries in the region.
➤ What is the country with the highest unemployment rate in Latin America?
Colombia had the highest unemployment rate in the second quarter of this year with 10.2%. Although if you compare it with the same period in 2019 and 2022, a downward trend can be observed. Second place is Costa Rica with 9.6% and third is Uruguay with 8.6%.
In 8th place is Argentina with an unemployment rate of 6.2%; However, it has an informality rate of 47.4% in the second quarter of 2023. On the other hand, the nation with the lowest job unemployment rate is Mexico with 2.8% and Nicaragua follows with 3.6%.
Mexico has the lowest unemployment rate. Photo: LR composition
➤ RANKING of the countries with the highest unemployment in Southamerica
In the following list, we show you which country has the highest unemployment rate in the second quarter of 2023:
➤ What is the economic situation in Latin America?
According to International Labor Organization, South American countries grew economically in 2022 and are expected to grow once more in 2023, around 2.3%, according to the International Monetary Fund (IMF). However, this is a lower rate than last year’s growth (2022).
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