Latin American Economic Outlook 2017

Youth, Skills and Entrepreneurship

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The 2017 edition of the Latin American Economic Outlook explores youth, skills and entrepreneurship. Young Latin Americans embody the region’s promise and perils. They stand at the crossroads of a region whose once promising economy and social progress are now undergoing a slowdown. The Outlook identifies potential strategies and policy responses to help Latin America and the Caribbean revive economic growth. While development can stem from different sources, skills and entrepreneurship can empower youth to develop knowledge-intensive economic activities, boost productivity and transform the region’s politics as they transition successfully from the world of school to the world of productive work and create that future they seek. The report highlights valuable experiences and best practices in these fields and proposes strategies to allow Latin America to consolidate long-term growth while assuring continuity in the social agenda.

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OECD Development Centre

Apart from a short slowdown in 2014, Peru has experienced strong and sustained economic growth over the past 15 years, and labour market outcomes improved significantly. Unemployment has also dropped considerably in recent years, reaching 1.5% in 2014 according to Socio-Economic Database for Latin America and the Caribbean (SEDLAC) data; the unemployment rate for adults is among the lowest among the Latin American and Caribbean (LAC) countries (LAC average 3.3%) and keeps well below the OECD average. Informality, defined as all employed persons not paying social contributions, has also been declining since 2004. Despite these favourable developments, the incidence of informal work remains high in Peru at 43% in 2014, still slightly above the LAC average (38%).

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