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Following a five-year period during which economic and social performance in Latin America and the Caribbean surpassed anything seen in recent decades, the global economic and financial crisis not only hurt macroeconomic variables but also impacted heavily on labour markets in the region's countries. Between 2003 and 2008 employment rates had risen considerably, especially in the formal sector, but the crisis spelled a reversal of this trend. Nevertheless, the region was better prepared than it had been in previous crises, since it had achieved a sound fiscal footing, a good level of international reserves and low rates of inflation. This meant that the authorities had the space to implement countercyclical policies on both fiscal and monetary levels. Be this as it may, faced with the worst global crisis since the Great Depression of the 1930s, these measures could only attenuate the impact on the region's economies - they could not prevent it altogether. Furthermore, the crisis struck with notable differences among subregions and countries depending on the nature of their trade integration, and not all the countries had the fiscal space to implement vigorous countercyclical policies.

As discussed in this bulletin, the crisis did less damage to the region's labour markets than had been feared at the beginning of last year, thanks to the implementation of public policies geared towards employment, as reviewed in the two previous bulletins. This bulletin offers an additional analysis from the perspective of gender equality. Moreover, some countries in the region, notably Brazil, managed to rapidly stabilize and revive economic growth, with positive effects on labour variables. The fact remains, however, that millions in Latin America and the Caribbean lost their jobs or were obliged to accept more poorly paid employment in more precarious conditions. The macroeconomic data indicate that recovery is under way and is stronger and occurring more rapidly than foreseen one year ago. In fact, regional growth in 2010 may well exceed the 4.1 per cent forecast at the end of 2009. Consequently, although the unemployment rate may be expected to record a modest drop, it may not return to pre-crisis levels.

The upturn is taking many different forms in the countries of the region. In some, especially in South America, recovery has benefited from the buoyancy of the Asian economies, whose demand for natural resources has driven large increases in exports, in terms of both volume and price. Countries whose economies are closely tied to the United States economy are benefiting from the recovery there, albeit more slowly and with a certain lag. Conversely, some countries are still suffering from major disequilibria, which are hampering their economic reactivation. Lastly, Chile and Haiti were both victims of devastating earthquakes early in the year and are therefore facing additional challenges associated with reconstruction, on top of their efforts to sustain an economic upturn.

Despite the relatively favourable outlook for regional growth in 2010, great uncertainty still surrounds the global economy's recovery, which affects the region's economic prospects over the longer term. The weakness of the recovery in some regions and the doubts about its sustainability in others, as well as shocks that have occurred in international financial markets, are warning signs which authorities need to monitor continuously because of the region's close integration with the global economy. In addition, a return to growth does not directly or automatically mean higher employment rates - still less decent working conditions. Although some labour indicators have performed reasonably favourably since the end of last year, the countries still face daunting challenges in improving the labour market integration of millions in Latin America and the Caribbean who are not seeing the fruits of renewed growth. This is why it is important to learn the lessons arising from the policies implemented during the crisis to offset its impact on labour markets.

Excerpt from publisher's website. Show less

This joint publication of the Economic Commission for Latin America and the Caribbean and the International Labour Organisation provides an overview of the labour market performance of the region during the recent crisis with a particular focus on youth employment. The document reviews recent experiences of the region’s countries in terms of policies and programs to boost youth employment. Among measures examined by the study are: education and training policies, programs to facilitate the transition from school to work, public employment services, apprenticeships, internships and job training regimes, and youth entrepreneurship. The analysis is based on special tabulations of household surveys conducted in 13 countries of the region in 2007, 2009 and 2011 (before, during and after the crisis, respectively).

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In the first half of 2013, limited economic growth amid sluggish global conditions dampened the progress the Latin American and Caribbean region had been making hitherto in creating jobs and reducing unemployment. Formal employment creation, in particular, lost momentum. However, wage employment continued to represent the largest share of total employment and real wages rose slightly overall. Greater investment and productivity are needed, especially in tradable goods sectors with strong national and regional production linkages, in order to boost future growth and thus productive employment creation. This means reducing internal and external productivity gaps, which calls, in turn, for a workforce that has the skills, competences and knowledge to meet the demand from formal and informal enterprises and that reflects the needs of individuals seeking to join the labour market or improve their working conditions. This report reviews the challenges facing training institutions in the region in the framework of the economic and production sector changes underway today and the innovations taking place in this area.

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This report explores youth, skills and entrepreneurship in Latin America. Young Latin Americans live in a region whose once promising economy and social progress are now undergoing a slowdown. The report identifies potential strategies and policy responses to help Latin America and the Caribbean revive economic growth. While development can stem from different sources, skills and entrepreneurship can empower youth to develop knowledge-intensive economic activities, boost productivity and transform the region's politics as they transition successfully from the world of school to the world of productive work and create the future they seek. The report highlights valuable experiences and best practices in these fields and proposes strategies to allow Latin America to consolidate long-term growth while assuring continuity in the social agenda.

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This edition is part of an annual series that analyses issues related to Latin America's economic and social development. Each edition includes a macroeconomic analysis and explores how the global context influences the region's economy. The report also includes chapters that analyse key public-policy areas identified by leaders gathered at the Ibero-American Summits, thus analysing and making recommendations about the region's challenges and priorities regarding economic development and structural policies. Since 2011, the report has been published in conjunction with the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and has tied in with the economic theme of the annual Ibero-American Summit organised by the Ibero-American governments and Ibero-American General Secretariat (SEGIB). In 2013, the Corporacion Andina de Fomento (CAF) [the Development Bank of Latin America] joined the team of authors.

This eighth edition was released during the 24th Ibero-American Summit of Heads of State and Government, held in the Mexican city of Veracruz on 8-9 December 2014. It focuses on education, skills and innovation as key inputs for more inclusive growth in the region. It provides in-depth analysis of Latin America's education systems and the region's capacity to increase enrolment in good quality education, and looks at the development of skills training to improve economic competitiveness and labour market integration. These inputs are analysed in association with innovation policies in the production system.

Edited excerpts from publication.

The contents are as follows: Education, skills and innovation for a more dynamic, inclusive Latin America; Latin American macroeconomic outlook; Skills in Latin America and the Caribbean amid shifting wealth; Education and skills for inclusive growth in Latin America; Innovation for development in Latin America. Show less