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  • The report reiterates that women and people under 24 years old are the most vulnerable to unemployment.

    The report reiterates that women and people under 24 years old are the most vulnerable to unemployment. | Photo: EFE

Published 30 September 2020
Opinion

The study collected data from Argentina; Brazil; Chile; Colombia; Costa Rica; Mexico; Peru; Paraguay and Uruguay which represent 80 percent of the economically active population in the region.  

The International Labor Organization (ILO) revealed that Latin America and the Caribbean lost at least 34 million jobs and are the region hardest-hit by the COVID-19 pandemic regarding labor income.

RELATED:

ILO: Americas Had Largest Labor Income Loss From April To June

ILO's latest report shows that during the first three quarts of the year, labor income decreased by  19.3 percent, and the situation turned even more critical during the second quarter. In this period, 33.5 percent of the hours were lost.

"We face an unprecedented challenge, that of rebuilding the region's labor markets, which implies facing structural failures that have worsened with the pandemic, such as low productivity, high informality, and inequality of income and opportunities of decent work," ILO's's Regional Office for Latin America and the Caribbean's's Director  Vinícius Pinheiro said.

"It is necessary to adopt immediate strategies to face the labor crisis that has caused the loss of at least 34 million jobs in Latin America and the Caribbean, and that could generate an amplification of inequalities, warns a new report from @OITAmericas."

The organization points out that the COVID-19 pandemic has unleashed an unprecedented economic recession as the International Monetary Fund has forecast a drop of 9.4 percent in the regional GDP in 2020.

The report reiterates that women and people under 24 years old are the most vulnerable to unemployment. In this sense, ILO remarks that the recession has "widen the gender gap" in the region.

The study collected data from Argentina, Brazil, Chile; Colombia; Costa Rica; Mexico; Peru, Paraguay, and Uruguay, representing 80 percent of the economically active population in the region. During the second quarter of 2020, the unemployment rate increased to 11.5 percent, 2.2 higher than the first quarter. Hence, at least 2 million people lost their jobs in this period alone.

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