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The sharp impact on labor markets is primarily driven

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Unformatted text preview: 31% ‐0.93% ‐1.61% 4.07% 2.02% ‐1.14% 0.43% ‐2.49% ‐1.09% ‐0.80% ‐1.81% 5.02% 5.63% 7.29% 6.64% 4.58% 5.83% 4.54% 3.59% 3.30% 6.73% 3.67% 2.55% 3.20% 6.23% 2.69% ‐0.66% 1.03% 4.14% 2.37% ‐3.59% ‐0.16% 6.23% 1.27% ‐1.86% ‐1.75% 6.23% 1.27% ‐5.66% ‐3.21% 6.23% 1.27% 2.11% 0.05% Notes: (*) Source World Bank, World Development Indicators; (**) Source: World Bank Global Economic Forecasts, 2008 and 2009. The GEP 2009 forecasts were made in November 2008; (***) Consensus Forecast as of March 16th; For the countries in which there was no Consensus Forecast estimate, the World Bank Forecast as of March 2009 was used; For the countries which Consensus Forecast did not report a minimum or a maximum value, the average reported value was used for both the optimistic and the pessimistic scenario. 80 4. LABOR MARKETS AND THE CRISIS IN LATIN AMERICA AND THE CARIBBEAN (A PRELIMINARY REVIEW FOR SELECTED COUNTRIES)109 Samuel Freije‐Rodríguez and Edmundo Murrugarra June 2009* Abstract Countries in Latin America and the Caribbean are experiencing the impact of the international financial crisis on labor markets across different dimensions, such as employment, wages and the quality of labor market arrangements. This note reviews a selected group of countries to assess the speed and severity of labor market impacts. It identifies patterns in the changing labor market conditions, such as specific sectors or types of workers being affected. It also describes countries’ preparedness and capacity to respond to the crisis and the specific policy responses being implemented. The review finds a large variation in impacts and responses in the context of increases in unemployment rates that range from 0.4 to 2.1 percentage points. The impacts of the crisis are evolving rapidly but seem to have a more noticeable negative effect among salaried workers in Brazil and Chile whereas in Colombia non‐salaried workers have been affected the most. Mexico shows both types of workers as being seriously hit by the recession. LAC Responses on Labor Markets: Information and Capacity Countries in Latin America and the Caribbean are experiencing the impact of the international financial crisis on labor markets across different dimensions, such as employment, wages and the quality of labor market arrangements. The policy response to these impacts is reflecting both Governments’ ability to monitor the actual impacts of the crisis, as well as their capacity to consistently (and effectively) respond with programs and interventions. This note reviews a selected group of countries to assess the speed and severity of labor markets impacts. It identifies patterns in the changing labor market conditions, such as specific sectors or types of workers being affected. It also describes the policies announced or adopted to respond to the crisis. At this stage, the note provides only a systematic description of labor market facts and policies. This groundwork stock‐taking is necessary for future analytical work. In this regard, the evidence presented belo...
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