Unemployment, the crisis legacy

· Economics, Latin America

Unemployment is the first evident consequence of the global financial crisis, accordint to the Economic Commision for Latin America and the Caribbean region (CEPAL).

When economic is reduced, the numbers in unemployment grow naturally. In Latin America, unemployment was 7.5 percent in 2008, while it grew to 9 percent during the first four months of this year.

The International Labor Organization (ILO) prepared a report for 2008 where it predicted that unemployment will grow in 8.3 percent as annual average. The numbers are different to 2008, when economic was doing well in Latin America and growing was estimated in 4.6 percent. Then, unemployment was reduced to 7.5 percent (in 2007 it was 8.1 percent.)

Then, according to ILO, it is estimated that about 2.4 million of workers will lost their jobs in Latin America in 2009.

Trying to reduce the effects of the financial crisis in regions like Latin Am. the International Monetary Fund has tripled its lending capacity in 750 thousand million US dollars.

the primary beneficiaries have been so far Colombia ($10 400 mil.), Mexico ($47 000 mil) and Poland ($20 500 mil.)

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