Effects of COVID-19 in Panama
Closure of companies and unemployment rate in young people
DOI:
https://doi.org/10.37387/ipc.v9i3.263Keywords:
Economic impact, unemployment rate, health crisis, informal jobs, job marketAbstract
The COVID-19 impacted the economy of Panamá, causing the closure of multiple companies; in fact, the unemployment rate rose from 7% to 25% during the six months of the year 2020. Objective: to analyze whether the increase in the unemployment rate of young people is related to the number of companies that have closed. According to the economic sector, as an effect of the economic impact of COVID-19 in Panama. Materials and methods: The research was carried out in provinces and counties by applying an electronic survey of 32 questions to people whose contracts were suspended or unemployed due to COVID-19. Results: Of this total, 41.12% were men, while 58.8% were women. Of the total men, 47.7% were between 15 and 39 years old. In the case of women, 34.57% who responded to the survey were between 15 and 39 years old. Eight out of ten people surveyed were in the age range of 15 to 39 years. Likewise, according to the electronic survey, 11.2% of employed people between the ages of (15 and 34) were laid off during the pandemic. Seven out of ten busy people laid off were young people. The group cataloged as “other” stands out, accumulating 71% of the sample. It is assumed that this group includes people with informal employment. In that case, the percentage of “job loss” was 24.3% for the same ages. Conclusion: The research shows a relationship between the closure of companies and the increase in unemployment in the country’s young population because of the current health crisis due to COVID-19
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