Productivity in the economies of Latin America and the Caribbean, measured as the ratio between the Gross Domestic Product (GDP) and the hours worked by its labor force, will be 17.7 dollars in 2021, below the world average (US $ 18.9), reported the International Labor Organization (ILO).
In 2020, this indicator in Latin America was above the world average, given that the pandemic generally hit the least productive companies and the lowest-paid workers the hardest, according to the ILO in its new report on the effects of the COVID in the global job market.
The report warns that the pandemic has increased productivity gaps, to the point that in 2021 a worker from a high-income country is now 18 times more productive than a low-income one, the largest difference recorded since 2005.
Compared to the US $ 17.7 average productivity in Latin America, that of North America it is almost four times higher (US $ 69.3), while in Asia Pacific it is US $ 13.1, in Western Europe US $ 41.6 and in Africa US $ 7.2, according to ILO calculations.
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