Panama job market slumps  20% in November

 
967Views 4Comments Posted 15/12/2019

The Panama job outlook continues to worsen as hirings in the private sector in November hit the lowest level in the last five years with just  13,451 labor agreements signed or renewed, most of them temporary.

The figure represents a 20% decrease compared to the hiring carried out in the same month of 2018, when 16. 857 labor agreements were recorded, according to figures from the Ministry of Labor.

In the case of the year-on-year comparison, as of November, hiring fell 15.8%, down from 239,310 between January and November 2018, to 201,466 in the first 11 months of this year.

The experts projected that the labor market in 2019 would be marked by the decrease in hiring before the electoral process of the month of May, the economic slowdown, the negotiation of the new minimum wage and the completion of large projects.

 



Comments 4

user
MarcoP

Right, raise minimum wage and you will see even more jobs lost. The best would be to abolish minimum wage at all and reverse all public sector raises (teachers, medical field, etc.). It would cure the economy in 2-3 years, but especially touching public sector wages would cause fall down into socialism. Not a real cure any time soon.

9 months ago
user
George Klk

Panama | Causes of 20% Slump in Panama Job Market. 12 Labor Shortage Facts: 1. Panama had a low credit rating before the new canal expansion. 2. Panama relied on desperate measures to receive contract construction work. 3. Panama relied on corrupt companies willing to empty the pockets of Panamanians. 4. Corrupt companies spread the word to … Panama National Assembly. 5. Corrupt companies enticements to National Assembly … bribery election campaign money, kickbacks, commission, brown envelopes - $$$ / suitcases. 6. Panama list of corruption companies was the main stay for business. 7. Panama listed as one of the most corrupt in the world to do business. 8. Panama ... [former PRESIDENT: Ricardo Martinelli] ... has become the ... [symbol] ... of corruption of the … World Maritime Trade and Economic Business World. 9. Panama involvement with [China / former pres. Varela … [non-transparent agreements] … raises eyebrows in the business community for a potential ... [non-democratic government]. 10. Former pres. Varela refusal to heed the warnings of the United States … [Sec. of State: Pompeo]. 11. China gift: $50 million restaurant as part of bridge construction proposal but not … part of proposal … [CANCELLED] under new administration and therefore … [CANCELS] China's claim of non-reimbursable cooperation of the people … always the poor people! 12. Panama corruption continues with National Assembly unjustified millions in contract through the end of the year. Panama refuses to do legitimate business from a well rounded list of legitimate companies but may find it difficult based on the grey list and other news media published horror stories! Panama current president: Cortizo is not doing enough to address corruption issues with the Panama National Assembly and Magistrates of the court system … a slow impunity process!

9 months ago
user
Captain

Revoke minimum wage law if you want to see youngsters in employment. Its a disastrous idea.

9 months ago
user
panama

its not just panama the whole world is going to see this ,the US included as well .trump has the Fed lowering interest rates in his so called booming economy ... ya right

9 months ago
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