CXC LAM: 2016 Annual Overview of the Latin American Workforce
We have reached the end of 2016, and it’s time to look back and review the changes that Latin America has undergone in terms of its global workforce and contractor employment.
The contractor landscape
The regional market had some political changes during this year, increasing the expectancy of economic recovery, and showing a growing trend of self-employment. Contractors are becoming more confident, and the workforce in this sector is growing.
Industry growth: wind power
In February, CXC Global attended the Mexico Wind Power 2016 exhibition. We visited each one of our partners in Central America, we witnessed a major upturn for Argentina and good prospects for Peru, Chile, Ecuador, Bolivia, Costa Rica, and Nicaragua, due to growing interest from foreign investors. This is a sure sign that the
We visited each one of our partners in Central America and witnessed a major upturn for Argentina and good prospects for Peru, Chile, Ecuador, Bolivia, Costa Rica, and Nicaragua, due to growing interest from foreign investors. This is a sure sign that the gig economy* will grow more during 2017 in this region.
*Gig Economy: temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees.
Mexico is a stable market for CXC in Latin America and continues to do good business and grow consistently.
Despite 2016 being a turbulent year for Colombia and Brazil due to the economic situation, both have managed to keep up their economies, and show a small takeoff that promises growth. This is also due to the growing interest of foreign investors, including China, Japan, Russia, Germany, United Arab Emirates, and India. The interest in foreign investment extends to several Latin American countries.
We have also seen considerable market growth in El Salvador, Guatemala, and Panama in Central America and the Caribbean region. While CXC Global has a local presence in 22 countries in the region, we have grown our footprint with contractors to 10 of these markets.
Industry growth: oil and gas.
In October, CXC Global attended the Rio 2016 Oil and Gas event, with our team focused on developing prospects. Topics covered included Gas and Energy, Governance, Sustainability, SMS, Compliance, and Geopolitics.
Developing a competitive oil industry, as is the target for coming years, will rely greatly on contractors with the required experience, and we see this feeding into the growth of the on-demand employment trend.
The Pacific Alliance
The Pacific Alliance expands the horizon and perspectives of Latin America by encouraging and facilitating the exchange between companies. Four Latin American countries – Colombia, Mexico, Chile, and Peru – are currently involved, and the intention is to include Argentina and Brazil in the coming year.
As this alliance spreads, the movement of workers between countries in Latin America will become simpler, and talent can be sourced from further afield.
We expect that new challenges will arise from growing economic guidance from large consumer markets, which, from an economic perspective, could be favorable for Latin America. Latin American countries will need to strengthen their ties and create synergies to take advantage of this upward trend predicted for 2017.
Our review of the top news stories for the Latin American workforce in 2016:
- ‘Latin America is growing like crazy’
- ‘Latin America offers the best investment proposition anywhere in the world’
- The Pacific Alliance expands the horizon of Latin America
- IMF forecasts improvements for Mexico and Brazil
- Evo Morales announces million-dollar investment from China in Bolivia
- The eyes of investors around the world are on Argentina
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