Economic Survey of Latin America and the Caribbean 1992

image of Economic Survey of Latin America and the Caribbean 1992

Issued in two volumes - volume I gives insight into the economic trends, the international economy and the role of exchange rate policy in Latin America and the Caribbean. Volume II explores the economic developments by country. Complimentary statistical tables are included.



Employment and wages

The economic growth achieved by the Latin American and Caribbean countries within a context of price stability led to an improvement in the overall employment situation due, in particular, to an upturn in real wages. Employment rose in the formal sector, although the urban unemployment rate held steady at over 5% of the labour force. Nevertheless, the trend in formal-sector employment was quite mixed owing to the unevenness of economic growth rates, which were low in some cases and were actually negative in three countries. The situation was quite similar to what it had been during the 1980s in that a sizeable rise in employment was observed in some countries, while in others employment levels were lower. On the other hand, there was a widespread increase in wages -something that had not been seen since the crisis of the early 1980s- thanks to the region's economic growth and, in particular, the significant decrease in inflation.


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