María Claudia Llanes
•MSc. in Economics from the University of London, London
•Previous work experience: Research on pension systems at the National Planning Department of Colombia
•Research on Chilean pension system as a consultant in Chile
•Joined ERD BBVA Colombia on October 2009
Labor dynamics that began in May continued in June, at a slower pace, especially in the cities. The increase in labor supply seemed to moderate in June and less dynamism of employment (labor demand) was observed. The number of unemployed increased in June.
Colombia started its recovery path after the strong second quarter shock due to the pandemic. This process will be slow and gradual and will be determined by sector openings approved by the national and local governments. GDP is expected to fall by 7.5% this year and to recover by 5.5% in 2021.
May shows progress in the labor market, due to the gradual opening of the economy, with the recovery of 15% of the jobs and 33% of the labor force lost between February and April. However, the high level of inactivity seen until April translated into an increase in the number of the unemployed in May.