According to the executive secretary of this commission, Latin America has been declining for 7 years, before the pandemic
A report presented this Tuesday, April 21, by the Economic Commission for Latin America and the Caribbean (ECLAC), revealed that for 2020, in Latin America and the Caribbean, an average economic contraction of -5.3% of the Product is expected. Gross Domestic (GDP).
This contraction in the region is due to the health crisis caused by the coronavirus outbreak and it is estimated that this impact would generate almost 11.5 million new unemployed and almost 30 million more poor people.
ECLAC Executive Secretary Alicia Bárcena explained that before the pandemic, Latin America had been declining for 7 years. «Since 2014, Latin America showed an average growth of 0.4%.»
According to the figures presented by this commission last year, the region grew by just 0.1%. In this way, Bárcena clarified that «there are seven years of growth in which the region has never managed to recover its investment levels.»
Within this economic decrease, the countries that will be most affected are Venezuela with -18%, Mexico -6.5%, Argentina with a contraction of -6.5%, Ecuador -6.5%, Nicaragua with -5, 9% and Brazil -5.2%.