Costa Rica Has Lowest Unemployment Rate in Latin America and Caribbean
The United Nations´ International Labor Organizaton (OIT) has listed Costa Rica as having the lowest unemployment rate in Latin America and the Caribbean at 4.8%. Costa Rica had an incredible drop from 6% to 4.8% in 12 months and beat out other bigger and stronger countries in Latin America such as Mexico (4.9%), Argentina (7.1%), Panama (7.7%) and Colombia (12.1%). This is an incredible achievement considering that Costa Rica has not approved their free trade agreement (CAFTA) with the U.S. and that its population is of approximately 4 million citizens. According to the OIT, many of the new jobs came from the real estate and tourism boom that resulted in an increase in construction and development.