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Unemployment will increase during 2024, says report published by Colombia’s Central Bank

Gabriel Micillo•Thursday, February 29, 2024•1 min read

In Colombia, for this year, the national unemployment rate could reach 10.8 percent. The Central Bank of Colombia points there is a clear deceleration.

The central bank of Colombia (Banco de la República) published a new report on the behavior of the Colombian labor market, revealing some insights into what is expected for this year.

With the results from today, there would still be 371,000 jobs missing from those lost since August of last year when there were 23.2 million people employed.

The report, conducted by the Labor Market Analysis Group (Gamla), suggests increases in the unemployment rate during 2024. For this year, the urban unemployment rate is projected to range from 9 to 12.1 percent on average, with 10.5 percent being the most probable figure. Meanwhile, national unemployment is expected to exceed urban unemployment, ranging from 9.3 to 12.4 percent, with 10.8 percent being the most probable figure.

According to Gamla, this is partly due to the deterioration of the rural labor market recorded in recent months. Additionally, it states that these forecasts are consistent with the economic growth projections for 2024 suggested by the technical team of the Banco de la República.

In the Monetary Policy Report presented a few weeks ago, GDP growth for 2024 is forecasted to be 0.8 percent. Another issue addressed in the labor market report is short-term hiring, with expectations indicating a negative balance in the near future.

This is the first time such behavior has been observed since the crisis caused by the COVID-19 pandemic.

Additionally, the report also indicates that although the hours worked by individuals have decreased over the past three years, the total hours worked by all employed individuals have increased across the economy. Among the possible factors explaining this behavior is the reduction of one hour in the workday.
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ABOUT THE AUTHOR See More
micillogabriel@gmail.com
Gabriel Micillo
Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.
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