The Unemployment rate of Colombia attained a value of 10 % in 2024
The indicator recorded a historical change (bps difference) of 376 bps between 2021 to 2024, and is expected to decline by...
GlobalData projects the figure to change by 34 bps between 2025 and 2029, reaching...
Unemployment
Unemployment is a term used to describe people who are actively looking for work but are unable to find one. The unemployment rate is derived by dividing the total number of unemployed persons by the total number of people in a certain region or workforce. It is one of the most important markers of a country's economic health.
Global Unemployment
As per the International Labour Organization, the average regional unemployment rate at the end of 2021 has been estimated at 9.6%, which represents an improvement from the 10.6% it reached in 2020, but a setback compared to the 8% that was recorded for 2019, which in this case is used as a reference to calculate the impact of two years of the pandemic.
According to the Organization for Economic Cooperation and Development (OECD), April 2022 published its February 2022 unemployment figures: the unemployment rate in the OECD areas dropped below the pre-pandemic rate. This is the lowest level since the start of this data series in 2001. The number of unemployed workers in the OECD area also continued to fall, reaching 34.9 million, 0.7 million below its pre-pandemic level.
Unemployment Rate of Colombia
The unemployment rate in Colombia in 2021 stood at 14.0%. Between 2018-2021, the unemployment rate in Colombia was highest in 2020 at 16.1% and lowest in 2018 at 9.6%. The unemployment rate decreased by 13.4% on a year-on-year basis in 2021 and increased by 44.7% between 2018-2021.
In 2020, the unemployment rate stood at 16.2%, which was reduced to 14% in 2021 with the easing of government restrictions and the resumption of business activities. GlobalData forecasts the unemployment rate to decrease to 13.7% in 2022. In 2023 and 2024, the unemployment rate is projected at 13.1% and 12.4%, respectively, according to GlobalData.
Youth not in employment, education, and training stood at 29.8% of the 15–29-year-old population in 2020, which is higher than the OECD average of 13.4% during the same year. In February 2022, the youth unemployment rate of Colombia for males stood at 20.5% of the youth labor force and for females at 29.2%, which is higher than other countries and the OECD average of 11.2% of the female youth labor force and 11.1% for male.
Factors that Cause Unemployment
Recession, government policies, geographical labor mobility, technological advancements, global economy, expanding population, and education, training, and skill development of workers are some of the primary elements that influence unemployment in a country.
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