Unemployment in Mexico to Decline by Late-2022: OECD

Mexico's unemployment rate will return to pre-pandemic levels by the end of 2022 due to the strong impact of the COVID-19 outbreak and the actions taken by the government to deal with the crisis, an OECD report estimated. “Projections suggest that the unemployment rate in Mexico in 4Q2022 will be 0.5 points higher than before the start of the pandemic,” the Organization for Economic Co-operation and Development (OECD) reported in its 'Employment Outlook 2021' analysis.

Unemployment rose to 4.1 percent in February 2020, just before the pandemic hit and quickly climbed to 5.5 percent during the peak of the crisis in June last year. “As many European and North American countries cautiously reopen, unemployment in the OECD is projected to fall by an additional percentage point by the end of 2022. However, Latin American countries are still grappling with high COVID-19 rates and many are expected to take several years to recover pre-pandemic employment levels,” the analysis states.

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