Unemployment Rate Evolution in Colombia from 1991 to 2023

Colombia's unemployment rate experienced significant volatility from 1991 to 2021, with peaks and troughs reflective of the country’s socio-economic challenges. In the early 1990s, unemployment hovered around 10%, reaching a low of 7.8% in 1993 due to a period of economic growth and reforms aimed at stabilizing the labor market. However, the late 1990s economic crisis brought about a steep rise, and by 1999, unemployment spiked dramatically to 20.1%, driven by financial instability and reduced economic growth.

Following this peak, Colombia implemented structural reforms that saw unemployment gradually decrease, settling around 11.2% by 2008. However, the 2009 global recession again impacted the economy, leading to an uptick in unemployment. The COVID-19 pandemic in 2020 caused a sharp rise to 16%, but by 2023, the rate declined to 9.6%, reflecting Colombia's ongoing recovery efforts and economic resilience in the face of challenges.