Jobs, Wages, and the Latin American Slowdown
Declining commodity prices and slower growth in China are major forces behind the pronounced economic deceleration that Latin America and the Caribbean has been experiencing since 2012. Growth for LAC this year is likely to be around 0 percent, down from 1.0 percent in 2014. This slowdown is beginning to have an impact on the region’s labor markets – hurting job creation, pushing unemployment up and real wages down. This will be the main topic examined by the semiannual report of the Office of the Chief Economist for LAC, launched at the event, with a particular attention paid to the risks that the economic slowdown may reverse the region’s historic social progress of the recent past.