After the pandemic, a large part of Latin American countries saw their economies affected. Many lost their jobs, some got another, but the consequences continue to affect various nations. For this reason, the International Labor Organization has published the report ‘Labor Overview of Latin America and the Caribbean’, which shows the ranking of the countries with the highest unemployment rates.
The list covers 16 nations and in most of them there is a “slowdown in the growth of the volume of employment,” the study notes. Below, we tell you who leads the ranking and what is the position of the other countries in the region.
Which country has the highest unemployment rate in Latin America?
Colombia had the highest unemployment rate in the second quarter of this year with 10.2%. Although if you compare it with the same period in 2019 and 2022, a downward trend can be observed. Second place is Costa Rica with 9.6% and third is Uruguay with 8.6%.
In 8th place is Argentina with an unemployment rate of 6.2%; However, it has an informality rate of 47.4% in the second quarter of 2023. On the other hand, the nation with the lowest job unemployment rate is Mexico with 2.8% and Nicaragua follows with 3.6%.
What is the ranking of the countries with the highest unemployment?
In the following list we show you which country has the highest unemployment rate in the second quarter of 2023:
- Colombia: 10.2%
- Costa Rica: 9.6%
- Uruguay: 8.6%
- Chile: 8.6%
- Barbados: 8.5%
- Brazil: 8%
- Panama: 7.4%
- Argentina: 6.2%
- Paraguay: 5.8%
- Dominican Republic: 5.6%
- Jamaica: 4.5%
- Bolivia: 4%
- Ecuador: 3.8%
- Trinidad and Tobago: 3.7%
- Nicaragua: 3.6%
- Mexico: 2.8%
What is the economic situation in Latin America?
According to International Labor Organization, South American countries grew economically in 2022 and are expected to grow again in 2023, around 2.3%, according to the International Monetary Fund (IMF). However, this is a lower rate than last year’s growth (2022).
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
