Invest in Brazil reported changes in Brazil’s labor laws will generate 1.5 million jobs in the next four years, citing a study by Itaú Unibanco. “In international comparisons, Brazil today stands out for having one of the most inefficient labor markets in the world,” the study stated. “We estimate that labor reform can increase Brazilian GDP per capita by 3.2% in the next four years (0.8% per year) and reduce the structural unemployment rate by around 1.4 percentage points [approximately 1.5 million jobs].”