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Latin America Investment News on Viva Tropical

Panama Boasts Lowest Unemployment Level in Latin America at 5.4%

Article Summary:

Panama recorded the lowest rate of urban unemployment in Latin America and the Caribbean at 5.4% in 2011, according to the Employment Situation Report, prepared jointly by the Economic Commission for Latin America and the Caribbean and the International Labour Organization.

Photo Credit: Panama America

Original Article Text From Panama America via Google Translate :

Panama, with the lowest unemployment in Latin America

Panama recorded the lowest rate of urban unemployment in Latin America and the Caribbean to settle at 5.4% in 2011, according to the Employment Situation Report, prepared jointly by the Economic Commission for Latin America and the Caribbean (ECLAC) and the International Labour Organization (ILO).

However, figures from the Comptroller General of the Republic of Panama located further down the unemployment rate in 2011, since according to the entity’s total unemployment rate, which includes unemployment and hidden unemployment was 4.5% .

But the report of ECLAC and ILO also stressed the Panama experienced significant reduction in percentage terms in the unemployment rate in a year, falling 2.3% as compared to 2010. It is followed by Ecuador (1.6%), Chile (1.1%) and Colombia (0.9%).

The study shows that improvements in the unemployment rate is concentrated in South America, where it fell 0.6%, while in the northern countries of Latin America gave up 0.4%, and in countries of English-speaking Caribbean rose 0.2%.

They also call attention to the unemployment rates by sex. Overall, we see that the fall in unemployment of women and men is quite similar. However, there are distinct variations in some cases, highlighting the Dominican Republic, where the female unemployment rate increased 1.3%, while the male unemployment rate rose 0.5%.

The other is Panama, where the female unemployment rate experienced a drastic reduction of 3.9% while the rate for men shrank 1.2%.

For Victor Cruz economist is accused of Industrialists of Panama, the rate of growth of the Panamanian economy in recent years leading to employment growth or lower unemployment. “What we are facing is lack of skilled labor for various activities,” he said.

He added that due to large infrastructure projects under development, employment indicators are up, but there will come a time finished and he expects other economic activities of the offset task.

In the same vein referred economist Turola Luisa, commenting that the Government seized the favorable economic cycle to expand and diversify the infrastructure that supports the platform of services, the successful advance of the Canal expansion and investment projects public and private emerging to exploit the business potential created by this work, creating a growing demand for labor (especially skilled), in particular on ports, logistics and transportation, insurance and financial services, and in the real estate. The tourism sector also growing fast, is requiring labor, he added.

Turola expects this trend to push the labor market towards raising standards of professionalism continues to hold for a few years (at least until 2015).
He stressed that the share of informal employment remains still high in our country and that lack trained staff and plenty of unskilled labor.

According to THE INFORMEde ECLAC and ILO
4.5% unemployment rate fell overall, which includes open and hidden unemployment last year.
0.6% unemployment rate fell in South America, where it concentrated the lowest rates.
0.4% was the rate that marked the northern countries of Latin America, the study said

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From Panama America

Latin America Investment News on Viva Tropical