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News > Brazil

Latam: Worse Unemployment Crisis in History - Report

  • According to the report, at least 2.7 million companies have closed and 44 million people lost their jobs.

    According to the report, at least 2.7 million companies have closed and 44 million people lost their jobs. | Photo: EFE/ Gustavo Amador

Published 10 November 2020 (21 hours 31 minutes ago)
Opinion

According to the report, at least 2.7 million companies have closed, and 44 million people lost their jobs. Furthermore, it is estimated that 231 million people will be living in poverty by the end of the year. 

The Economic Commission for Latin America and the Caribbean (ECLAC) and the International Labor Organization (ILO) warned on Tuesday that the region is facing its worse unemployment crisis in history as the second quarter of 2020 reported 47 million jobs lost.

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In a joint report, both organizations explain that women, young people, and migrants are the most affected by the crisis, particularly individuals aged 15 to 24 years old. This, as most unemployed citizens, have been unable to re-enter the workforce.

“In terms of employment, the health crisis affected vulnerable groups above all, deepening inequality in the labor market. Women have been most affected by job losses and the decline in labor market participation. A strategic view must link sustainable development with job creation,” ECLAC's Executive Secretary explained.

The study highlights that in the second quarter of 2020, the unemployment rate for young people, 3.4 percent, was more significant than for adults, 1.8 percent. Hence, the young are at the epicenter of the crisis since they are more likely to experience long inactivity periods.

According to the report, at least 2.7 million companies have closed, and 44 million people lost their jobs. Furthermore, it is estimated that 231 million people will be living in poverty by the end of the year.

To address this issue that could severely compromise the region's economy in the long term, the ECLAC and ILO urged the government to "promote young people's labor integration by combining classroom training with a subsequent phase of internships at companies."

  


 

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