2014 Labour Overview. Latin America and the Caribbean.
The 2014 Labour Overview of Latin America and the Caribbean is characterized by slower economic growth. Following a decade of robust growth, during which the region created jobs and improved the quality of employment, there is uncertainty and apprehension about the possibility that we cannot continue to advance or may even lose ground on some of the achievements made.
Currently, there are nearly 15 million unemployed in urban areas of the region. Next year, there will likely be 500,000 more unemployed since the urban unemployment rate is expected to rise by two-tenths of a percentage point, from the ILO’s estimate of 6.1% in 2014 to 6.3% in 2015. Economic growth estimates for the region have been diminishing since the beginning of the year and are now expected to reach just over 1.0% in 2014 and 2.2% in 2015. This growth will be insufficient to prevent an increase in unemployment.