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Caracas, Thursday October 20 , 2005  
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Venezuela has the second highest unemployment rate in Latin America

Venezuela was ranked second among the Latin American countries with the highest jobless rate, behind Colombia, but it recorded the decrease in unemployment over the last year, said the International Labor Organization (ILO) in its Labor Outlook 2005.

According to ILO, during the first half jobless rate was 13.2 percent, compared to 16.6 percent in the same period last year, a decrease of 3.4 percentage points.

In Colombia, unemployment is 15 percent, in Argentina, 12.5 percent; Uruguay, 12,2 percent; Ecuador, 11,1 percent; Brazil, 10,3 percent; Peru, 10,5 percent, Chile, 8,3 percent, and Mexico, 3,9 percent.

According to the report, economic recovery in the region helped reduce unemployment rates.

It stated, however, that even though Latin America has recorded the highest economic growth in the last 25 years, unemployment is still high, informal economy has a significant quota in employment and social security benefits are still poor.

ILO director Juan Somavia said "the task we have ahead to cut unemployment rates is huge, but the region is reacting."

Women and youth continue to be the most seriously hit by unemployment.

Informal economy in Venezuela amounts to 52.2 percent.

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