Peru's unemployment rate stood at 3.5% by the end of 2015, the lowest rate in South America and the third lowest one in Latin America and the Caribbean, according to a report by the International Labour Organization (ILO).
The supranational body presented its study “What works: Active labor market policies in Latin America and the Caribbean,” which examines the measures taken by countries in the region to promote quality and sustainable employment.
According to the report, the countries that record the lowest unemployment rate are Guatemala (2.7%), Cuba (3%), Peru (3.5%), Bolivia (3.6%), Trinidad and Tobago (3.8%) and Honduras (3.9%).
Other countries included in the list are Ecuador (4.3%), Mexico (4.3%), Paraguay (4.9%), Panama (5.2%), Nicaragua (6%), El Salvador (6.4%) and Chile (6.4%).
“Unemployment rates are expected to continue their downward trend in Chile (6.4% in 2015), Mexico (4.3%) and Peru (3.5%),” reads the ILO document.
A t the same time, unemployment rates have seen a more marked increase in Argentina (6.7% in 2015), Brazil (7.2%) and Colombia (10%).
Strong disparities persist across countries and forecasts suggest that these will increase in the coming years.
Recent evidence shows that the economic slowdown has also started to affect the quality of jobs.
The regional unemployment rate in LAC registered the second consecutive annual increase in 2015 – reaching 6.5 per cent of the labor force.
Unemployment forecasts suggest that this trend will continue – with the regional unemployment rate likely to approach 6.7% by 2017.
Youth have been particularly affected by this slowdown, registering a more marked deterioration in all main labor market indicators in recent years.
(END) CNA/JJN/RMB/MVB
Published: 6/22/2016