Employment in Crisis
A region known for its volatility, Latin America and the Caribbean (LAC) has suffered severe economic and social setbacks from crises—including the COVID-19 pandemic. These crises have taken their toll on careers, wage growth, and productivity. Employment in Crisis: The Path to Better Jobs in a...
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| Principais autores: | , , , |
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| Formato: | Online |
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Washington, DC: World Bank
2021
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| Assuntos: | |
| Acesso em linha: | https://documents.worldbank.org/en/publication/documents-reports/documentdetail/202971624006966893/employment-in-crisis-the-path-to-better-jobs-in-a-post-covid-19-latin-america https://hdl.handle.net/10986/35549 https://doi.org/10.1596/978-1-4648-1672-7 |
| _version_ | 1866367392482852864 |
|---|---|
| author | Packard, Truman G. Silva, Joana Sousa, Liliana D. Robertson, Raymond |
| author_facet | Packard, Truman G. Silva, Joana Sousa, Liliana D. Robertson, Raymond |
| author_sort | Packard, Truman G. |
| collection | Publicaciones regionales/sectoriales principales |
| description | A region known for its volatility, Latin America and the Caribbean (LAC) has
suffered severe economic and social setbacks from crises—including the
COVID-19 pandemic. These crises have taken their toll on careers, wage
growth, and productivity. Employment in Crisis: The Path to Better Jobs
in a Post-COVID-19 Latin America provides new evidence on the effects
of crises on the region’s workers and firms and suggests several policy
responses that can bolster long-term and inclusive economic growth.
This report has three key findings. First, crises lead to persistent employment
losses and accelerate structural changes away from the formal
sector. This change occurs more through reductions in the creation of
formal jobs than through job destruction. Second, some workers recover from crises, while others are permanently
scarred by them. Low-skilled workers can suffer up to a decade of lower
earnings caused by crises, while high-skilled workers rebound fast, exacerbating
the LAC region’s high level of inequality. Formal workers suffer
smaller employment and wage losses in localities with higher rates of
informality. And the reduced job flows caused by crises decrease welfare,
but workers in localities with more job opportunities, whether formal or
informal, bounce back better. Third, crises’ cleansing effects can increase efficiency and productivity,
but these effects are dampened by the LAC region’s less competitive
market structure. Rather than becoming more agile and productive during
economic downturns, protected sectors and firms gain market share and
crowd out others, trapping valuable resources.
This report proposes a three-pronged mix of policies to improve the LAC
region’s responses to crises: • Create a more stable macroeconomic environment to smooth the
impacts of crises, including automatic stabilizers such as unemployment
insurance and short-term compensation programs; • Increase the capacity of social protection and labor programs to
respond to crises and coalesce these programs into systems that complement
income support with reemployment assistance and reskilling
opportunities; and • Tackle structural issues, including the lack of product market competition
and the spatial dimension behind poor labor market adjustment—a
“good jobs and good firms” agenda. |
| format | Online Book |
| id | wb-10986-35549 |
| institution | Banco Mundial |
| publishDate | 2021 |
| publisher | Washington, DC: World Bank |
| record_format | dspace |
| spelling | wb-10986-355492025-04-16T05:15:55Z Employment in Crisis El Empleo en Crisis The Path to Better Jobs in a Post-COVID-19 Latin America Un Camino Hacia Mejores Puestos de Trabajo en la América Latina Pos-COVID-19 Packard, Truman G. Silva, Joana Sousa, Liliana D. Robertson, Raymond CORONAVIRUS COVID-19 PANDEMIC IMPACT PANDEMIC RESPONSE ECONOMIC SHOCK FISCAL POLICY ECONOMIC RECOVERY LABOR MARKET EMPLOYMENT ECONOMIC GROWTH ADJUSTMENT ASSISTANCE GOVERNMENT INTERVENTION PUBLIC EXPENDITURE SOCIAL PROTECTION COUNTERCYCLICAL POLICY INCOME SUPPORT LABOR MARKET ADJUSTMENT RE-EMPLOYMENT ASSISTANCE A region known for its volatility, Latin America and the Caribbean (LAC) has suffered severe economic and social setbacks from crises—including the COVID-19 pandemic. These crises have taken their toll on careers, wage growth, and productivity. Employment in Crisis: The Path to Better Jobs in a Post-COVID-19 Latin America provides new evidence on the effects of crises on the region’s workers and firms and suggests several policy responses that can bolster long-term and inclusive economic growth. This report has three key findings. First, crises lead to persistent employment losses and accelerate structural changes away from the formal sector. This change occurs more through reductions in the creation of formal jobs than through job destruction. Second, some workers recover from crises, while others are permanently scarred by them. Low-skilled workers can suffer up to a decade of lower earnings caused by crises, while high-skilled workers rebound fast, exacerbating the LAC region’s high level of inequality. Formal workers suffer smaller employment and wage losses in localities with higher rates of informality. And the reduced job flows caused by crises decrease welfare, but workers in localities with more job opportunities, whether formal or informal, bounce back better. Third, crises’ cleansing effects can increase efficiency and productivity, but these effects are dampened by the LAC region’s less competitive market structure. Rather than becoming more agile and productive during economic downturns, protected sectors and firms gain market share and crowd out others, trapping valuable resources. This report proposes a three-pronged mix of policies to improve the LAC region’s responses to crises: • Create a more stable macroeconomic environment to smooth the impacts of crises, including automatic stabilizers such as unemployment insurance and short-term compensation programs; • Increase the capacity of social protection and labor programs to respond to crises and coalesce these programs into systems that complement income support with reemployment assistance and reskilling opportunities; and • Tackle structural issues, including the lack of product market competition and the spatial dimension behind poor labor market adjustment—a “good jobs and good firms” agenda. América Latina y el Caribe (ALC) —una región que se caracteriza por su volatilidad— ha sufrido graves reveses económicos y sociales a causa de las crisis, incluida la pandemia del COVID-19. Dichas crisis han hecho mella en las trayectorias profesionales, el crecimiento salarial y la productividad. El Empleo en Crisis: Un Camino Hacia Mejores Puestos de Trabajo en la América Latina Pos-COVID-19 presenta nuevos datos sobre los efectos de las crisis en los trabajadores y las empresas de la región, y propone diversas respuestas políticas que pueden reforzar el crecimiento económico inclusivo y a largo plazo. Este informe presenta tres resultados a destacar: en primer lugar, las crisis provocan pérdidas persistentes de empleo y aceleran cambios estructurales fuera del sector formal. Este cambio tiene lugar a través de reducciones en la creación de puestos de trabajo formales más que a través de la destrucción de empleo. En segundo lugar, algunos trabajadores se recuperan de las crisis, mientras que otros sufren sus efectos de forma permanente. Los trabajadores poco cualificados pueden sufrir pérdidas de ingresos que perduran durante hasta una década a causa de las crisis, mientras que los trabajadores muy cualificados se recuperan rápidamente, lo que agudiza el alto nivel de desigualdad de la región de ALC. Los trabajadores formales sufren menores pérdidas de empleo y salario en localidades con mayores tasas de informalidad. Asimismo, la reducción de flujos de trabajo que provocan las crisis disminuye el bienestar, pero los trabajadores de localidades con más oportunidades de empleo —formales o informales— se recuperan mejor. En tercer lugar, los efectos depuradores de las crisis pueden aumentar la eficiencia y la productividad, aunque la estructura de mercado menos competitiva de la región de ALC amortigua dichos efectos. Los sectores y empresas protegidos ganan cuota de mercado y desplazan al resto — además de retener recursos valiosos—, en lugar de mejorar su agilidad y productividad durante las recesiones económicas. Este informe propone una triple combinación de políticas para reforzar las respuestas de la región de ALC a las crisis: (a) crear un entorno macroeconómico más estable para suavizar los impactos de las crisis, que incluye estabilizadores automáticos como el seguro de desempleo y programas de indemnización a corto plazo; (b) aumentar la capacidad de los programas laborales y de protección social para responder a las crisis y aglutinar dichos programas en sistemas que complementen el apoyo a los ingresos con asistencia al reempleo y oportunidades de recapacitación profesional; y (c) abordar problemas estructurales, como la falta de competencia en el mercado de productos y la dimensión espacial responsable del deficiente ajuste del mercado laboral. Es decir, un programa de «buenos empleos y buenas empresas». 2021-05-06T17:55:19Z 2021-05-06T17:55:19Z 2021-06-17 Book Livre Libro https://documents.worldbank.org/en/publication/documents-reports/documentdetail/202971624006966893/employment-in-crisis-the-path-to-better-jobs-in-a-post-covid-19-latin-america 978-1-4648-1672-7 978-1-4648-1686-4 978-1-4648-1692-5 https://hdl.handle.net/10986/35549 https://doi.org/10.1596/978-1-4648-1672-7 World Bank Latin America and Caribbean Studies; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank application/pdf application/pdf application/pdf Washington, DC: World Bank |
| spellingShingle | CORONAVIRUS COVID-19 PANDEMIC IMPACT PANDEMIC RESPONSE ECONOMIC SHOCK FISCAL POLICY ECONOMIC RECOVERY LABOR MARKET EMPLOYMENT ECONOMIC GROWTH ADJUSTMENT ASSISTANCE GOVERNMENT INTERVENTION PUBLIC EXPENDITURE SOCIAL PROTECTION COUNTERCYCLICAL POLICY INCOME SUPPORT LABOR MARKET ADJUSTMENT RE-EMPLOYMENT ASSISTANCE Packard, Truman G. Silva, Joana Sousa, Liliana D. Robertson, Raymond Employment in Crisis |
| title | Employment in Crisis |
| title_full | Employment in Crisis |
| title_fullStr | Employment in Crisis |
| title_full_unstemmed | Employment in Crisis |
| title_short | Employment in Crisis |
| title_sort | employment in crisis |
| topic | CORONAVIRUS COVID-19 PANDEMIC IMPACT PANDEMIC RESPONSE ECONOMIC SHOCK FISCAL POLICY ECONOMIC RECOVERY LABOR MARKET EMPLOYMENT ECONOMIC GROWTH ADJUSTMENT ASSISTANCE GOVERNMENT INTERVENTION PUBLIC EXPENDITURE SOCIAL PROTECTION COUNTERCYCLICAL POLICY INCOME SUPPORT LABOR MARKET ADJUSTMENT RE-EMPLOYMENT ASSISTANCE |
| url | https://documents.worldbank.org/en/publication/documents-reports/documentdetail/202971624006966893/employment-in-crisis-the-path-to-better-jobs-in-a-post-covid-19-latin-america https://hdl.handle.net/10986/35549 https://doi.org/10.1596/978-1-4648-1672-7 |
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