Venezuela: Marked Reduction in Unemployment Rate

Venezuela has had the largest reduction in unemployment in the continent, which currently sits at 6.2 percent, revealed Elias Eljuri, president of the Venezuelan National Institute of Statistics (INE).

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Venezuela has had the largest reduction in unemployment in the continent, which currently sits at 6.2 percent, revealed Elias Eljuri, president of the Venezuelan National Institute of Statistics (INE). 

During an interview on the television program Toda Venezuela (All Venezuela) on Monday, the official added that the favorable situation contrasts with the one reported in the United States, where the economic crisis has generated at least 15 million unemployed and its present rate exceeds 8 percent. Similar situations have occurred in Canada and Colombia.

The INE president recalled that the 6.2 percent unemployment rate represents the index reported in November and accounts for a reduction of 1.5 percent compared to the same period in 2010, and 2 percent compared to October of this year.

“In 1999, the unemployment rate was 12 percent. It has been reduced by almost a half”, said Eljuri, “and it responds fundamentally to the increase in the possibilities of formal employment due to the implementation of socio-economic programs and the adoption of inclusive policies by the government.

“The quality of labor options has also improved, because formal employment has gone from 48.4 to 56 percent, which means that almost one million more people have a job”, emphasized the INE president. 

“The Venezuelan economy has been able to absorb more than three million people, although it reports about 841,000 unemployed, for whom there will be good labor prospects next year, both regarding quality and amount”, the official said. 

For example, Eljuri mentioned the inauguration of the Saber y Trabajo Mission (Knowledge and Work Program) in Venezuela, which focuses on job creation, mainly in important productive sectors for sustainable development and the implementation of a policy to fight extreme poverty in Venezuela.