Opposition puts unemployment at around 25%

http:www.vheadline.com Posted: Sunday, March 23, 2003 By: Robert Rudnicki

According to estimates from the Confederation of Trade Unions (CTV), the Venezuelan Federation of Chambers of Commerce & Industry (Fedecamaras) and Coordinadora Democratica the rate of unemployment in Venezuela is alleged to have risen to around 25%, equivalent to 2.95 million people out of work.

The estimates also put the number of Venezuelans working in the informal sector at around 56% of the total work force. The opposition blames continued mistakes by the government for the worsening situation, particularly the two month lack of foreign exchange trading after the government suspended trading on January 22 to protect foreign reserves and a plummeting bolivar following a two month long opposition-led work stoppage which brought the country's economy to its knees.