2.7 Million companies closed in Latin America

According to the report, at least 2.7 million companies have closed, and 44 million people lost their jobs. Furthermore, it is estimated that 231 million people will be living in poverty by the end of the year.

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ECLAC: Latam Countries Will Need To Increase Public Spending

In a joint report, both organizations explain that women, young people, and migrants are the most affected by the crisis, particularly individuals aged 15 to 24 years old. This, as most unemployed citizens, have been unable to re-enter the workforce.

“In terms of employment, the health crisis affected vulnerable groups above all, deepening inequality in the labor market. Women have been most affected by job losses and the decline in labor market participation. A strategic view must link sustainable development with job creation,” ECLAC’s Executive Secretary explained.

 

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