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Economic
Crisis to Hit Latin American Labour Market
Panama - The world economic recession,
affecting a significant number of the
countries around the world has begun to
impact the labour market in Latin America,
officials from the International Labor
Organization affirmed in Panama Thursday.
ILO Regional Director for Latin America
Carmen Moreno told the media there is a
possibility of a slowdown of 0.3 percent to
hit the labour market.
Numbers show the daily fluctuations, she
added, but there is no doubt the crisis will
have a serious impact in the region.
The problems of the affluent nations hurt
the flow of remittances to Latin America,
mainly affecting those nations where
remittances are an important part of the
Gross Domestic Product.
However, Moreno expressed, the region is
currently better prepared as compared to
previous situations thanks to the economic
growth of the last years, which allowed some
countries to accumulate reserves and apply
more favorable tax policies.
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