In the great majority of Latin American countries in the 2000s, economic growth took
place and brought about improvements in almost all labour market indicators and consequent
reductions in poverty rates. Across countries, economic growth was not all that mattered;
external factors were particularly important for changes in labour market conditions, while
reductions in poverty were strongly related to improvements in earnings and employment
indicators. Although the 2008 crisis affected some countries differently from others, nearly all
labour market indicators were at least as high or higher by 2012 than immediately before the
crisis in all countries but one.