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South America – Slow Economic Growth Hampering Job Creation


Despite employment indicators suggesting that Latin America has weathered the economic storm relatively well during 2014, the region may see its unemployment figures rise in 2015, according to the International Labour Organisation (ILO), reports the Buenos Aires Herald.

In a recent report, the ILO sounded the alarm over the implication that slow economic growth has had an impact on labour markets in the region, particularly in the form of job creation.

If the ILO estimates are correct, the urban unemployment rate across the continent may reach 6.3% in 2015, a slight uptick from the 6.1% seen in 2014. The number may seem small in percentages but it implies there will be some 500,000 more unemployed people in the region.

“The concern is that we are creating fewer jobs despite unemployment remaining at a low level,” said Elizabeth Tinoco, ILO Regional Director for Latin America and the Caribbean at the launch of the ILO’s projections for the labour market in 2015.