It is expected that as the epidemic continues to spread in Latin America, some economies in the region may face a “record breaking” economic contraction never seen since World War II.
at present, Latin America and the Caribbean has become a new global epidemic center. The United Nations has warned that the per capita infection rate in several countries in the region may be one of the highest in the world.
according to data from Johns Hopkins University, five of the 10 countries most affected by the epidemic are in Latin America, including Brazil, Mexico, Peru, Colombia and Chile. In Brazil alone, more than 100000 people have died of the new coronavirus.
Alberto Ramos, head of Latin American economic research at Goldman Sachs, said on Wednesday that the region’s economy is not expected to recover until 2021. He added that some countries, such as Argentina, Peru and Mexico, are likely to experience double-digit GDP declines, while others may experience less severe declines, but “will still be record breaking, at least the worst since World War II.”