Economic Survey of Latin America and the Caribbean 1993

image of Economic Survey of Latin America and the Caribbean 1993

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

Generally speaking, no major changes occurred in the region’s overall employment situation in 1993, but real wages did exhibit an upward trend thanks to increased price stability in the economies of Latin America and the Caribbean. Formal-sector employment rose in only a handful of countries, while in the others it was either constant or actually dropped. The urban unemployment rate held steady at over 6% of the labour force, but this figure was the reflection of a mixed trend due to the unevenness of economic growth rates, which were low in some cases and were actually negative in three countries. Markedly divergent trends in real wages were also to be observed; in several countries, real wage rates rose significantly as a result of economic growth and, in particular, a slow-down in inflation, but other countries again saw a fall in real wages due to accelerating inflation or a continuation and, in some cases, a deepening of their recessions.


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