Costa Rica With
Lowest Unemployment in
Latin America
By Claire,
Costaricapages.com
The United Nation’s
International Labor
Organization (OIT) lists
Costa Rica as having the
lowest unemployment in
Latin America and the
Caribbean, pegging the
unemployment rate at 4.8
percent in July 2007.
The rate was drop from
the 6% unemployment rate
recorded in 2006
Mexico came in second
with 4.9%, followed by
Argentina with 7.1%,
Panama with 7.7%, and
Argentina with 9.2%.
Colombia had the highest
unemployment rate at
12%.
While women in Costa
Rica saw an improvement,
with a drop from 8.2 %
in 2006 to 6.8 %
unemployment in 2007,
they continue to be at a
disadvantage, making up
55% of the country’s
unemployment. Even
though women have an
overall higher level of
education than men, the
average salary paid to
women is 26% lower.
Workers between 15 and
24 years old are in a
similar situation,
representing 20% of the
workforce and 44% of
unemployment.
Unemployment among men
in 2007 was 3.4%. Many
of the new jobs came
about thanks to the
construction boom in the
country. Other factors
are a dynamic economy,
increase in exportation,
increase in foreign
investment and increased
consumption motivated by
an overall 9.3% increase
in salaries.
The report also noted
that more than half of
the new jobs generated
in 2007 in the entire
region are considered to
be low-paying jobs such
as mine workers,
construction, factory
workers, transportation
and warehouse workers.
Only three out of 10 new
jobs were in high-paying
industries.
About 1,400,000 people
are unemployed
throughout Latin America
and the Caribbean, or
6.1% of the work force.
Four out of every 10
youth and female workers
do not receive social
security coverage or
pensions because they
have jobs outside of the
formal sector.
The report was put
together by taking polls
of households in each of
the 18 countries. |
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