CABEI and OEI presented the "Youth Employment and Entrepreneurship in Latin America and the Caribbean" Report

Buenos Aires, May 3rd, 2022.- This morning representatives of the Central American Bank for Economic Integration (CABEI) and the Ibero-American States Organization for Education, Science and Culture (OEI) presented "Youth Employment and Entrepreneurship in Latin America and the Caribbean" report.

The document analyzes the issue of youth labor insertion, a particularly relevant phenomenon in the region, where the urban unemployment rate among Latin American and Caribbean youth between the ages of 15 and 24 tripled the adult rate and was more than double the average overall unemployment rate in the region in 2018, according to ILO data. In absolute numbers, some 10 million young people in the region are seeking employment without finding it. This situation was exacerbated by the COVID-19 pandemic, during which youth unemployment reached its highest level (23.8%) since records have been kept.

Speaking on the subject, CABEI Executive President Dr. Dante Mossi said, "Given the current situation of youth employment and entrepreneurship in the region, and as part of CABEI's support for the needs and priorities of its member countries, it is vitally important to channel financial and technical resources to implement projects that meet the needs of its young population.”

In a context of such adversity, the study provides an in-depth diagnosis of the employment situation of young people, while mapping existing public policies in CABEI member countries, including Argentina, Colombia, Costa Rica, Cuba, El Salvador, Honduras, Guatemala, Mexico, Nicaragua, Panama and the Dominican Republic.

Regarding this, Dr. Maximiliano Alonso, CABEI Director for Argentina and Colombia, said, "We must work together to solve the problems described in this report and provide public policy and private sector solutions to generate long-term sustainable workspaces.”

CABEI Senior Economist Carlos Gallegos concluded that "it is essential to expand the Emergency COVID-19 Support and Preparedness and Economic Reactivation Program to help increase access to employment and youth entrepreneurship to support the advancement of Latin American economies.”

The meeting was also attended by Andrés Delich, Deputy Secretary General of the OEI, Gonzalo Graña, ILO specialist, and Gonzalo Zunino, researcher and coordinator of the Center for Economic Research (CINVE) report.