Colombia | Effects of COVID-19 on April employment

Summary

Between March and April, the number of workers fell by 4.4M, to 2003 levels. The effects of COVID on the occupation will begin to be mitigated, as the economy opens up. Its effects on unemployment will take longer to begin to reverse. By the end of 2020, both employed and unemployed will be far from their pre-COVID levels

Key points

• Key points:
• Between March and April, the number of workers fell by 4.4 million (21% of the workers), to 2003 levels, the unemployed increased by 40.5% and the inactive by 22%.
• The high levels of labour inactivity seen so far will progressively translate into higher levels of unemployment, if the demand for labour is not enough to absorb the increased number of people offering their job.
• Moving forward, we expect that the effects of the COVID on the occupation will begin to be mitigated, as the economy advances in its process of gradual opening, but its effects on unemployment will take longer to begin to be reversed.
• By the end of the year the number of employed and unemployed will be far from their pre-COVID levels.

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