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The people of the South American Country recently in 2001 adopted the use of the United State Dollar as is currency. Ecuador has several Economic Concerns, however one concerns that attracted my encounter with this South American Country was its Unemployment Rate. According to Editorial, Board (2011) Unemployment is defined as a person who is at least 16 years of age and does not have a Job but is currently seeking a Job. The Unemployment Rate consist of the percentage of the total number of unemployed people divided by the total number of people in the labor force (Editorial, Board).
As of 2012 Ecuador Unemployment Rate is 4. 9%. Ecuador Economy is currently at a growing pace. This allowed the government spending to increase by creating infrastructure projects. This caused Ecuador GAP to increase. The current GAP growth rate is 5% in Ecuador. One of the reason the Unemployment rate is 4. 9% is because of the diversity of the labor market. The Labor Market consist of a competitive and different types of employment.
With the Economy expanding and new living areas such as condos, new shopping malls and department stores embarking on Ecuador, Construction is a very resent part of the Labor Market.
The Labor Market also consist of Agriculture 5. 9%, Industry 35. 6% and other services 58. 5%. With this type of diversity the Unemployment Rate remains at a constant low percentile. Ecuador Unemployment Ecuador Economic Concerns of Unemployment and Labor By Schmeltzer 3 Countries. Uruguay’s Unemployment rate as of 2012 is 6. 1%. Venezuelan Unemployment Rate is 7. 8% as of 2012. These South American Countries have a very low Unemployment Rate due to the diverse Labor Market.
One reason why the citizens of Ecuador have such a hard time finding employment is because of
Immigrants. People who come to Ecuador to work for much lower wages causes the citizens to miss opportunities of employment. This is a continuous concern in Ecuador. Wages in Ecuador are very low. The average compensated wages is $292 a month. However with bonuses and other incentives a worker can receive $300 or more. This is known as a Dignified Wage. With the cost of living not at all high compared to other countries a dignified wage could reach up to $572. 35. One Economic Concerns that really is twofold is the Unemployment Rate and the Education System of Ecuador.
With the employment age beginning at 15, the average person growing up in Ecuador only completes school up to this age. The public education system is free and if your child is between the age of 6 and 15. This child is required to attend school. This seem unfair to the children of Ecuador. How can they improve and better their Economy if they employ children and will not allow the children to further their education pass the age of 15. A week public education system will produce uneducated citizens which tend to lead to more children not Ewing able to enter into the Labor Market beyond the bottom of the Market.
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