The region emerged more rapidly than others from the crisis and labour market conditions continue to improve.
In 2012, unemployment was at 6.6 per cent, little changed from the previous year and down from 7.8 per cent in 2009.
Informal employment continued to decline, though it remained significant.
Working poverty declined, in some cases considerably.
Labour productivity improved only moderately and is projected to fall further, which constitutes a major constraint for further improvements in living standards and working conditions.
Productive structural change slowed considerably during the crisis and is not expected to fully return on its pre-crisis path in 2011-17.
Labour productivity improvements within services are projected to be the main growth engine in 2011-17. (See 2nd chart below)
