Colombia | Challenges of the labor market

Summary

The labor market in 2024 performed well in terms of job creation and showed an acceleration in the last three months. The average unemployment rate was 10.2% in 2024, the same as in 2023. However, in the last quarter, it dropped to 9.7% (seasonally adjusted), in line with the increase in job creation.

Key points

• Key points:
• In 2024, a smaller proportion of people of working age were active in the labor market compared to 2019.
• Some groups have particularly low participation rates: women, young people, and rural populations.
• Expanding the inclusion of these groups would not only strengthen the labor market but also boost economic growth and promote greater social integration in the country.

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