COVID-19 gains pace despite Latin America lockdowns
Latin America has over 7 million cases and 270,000 deaths, up from 2 million and 100,000 at end-June
Source: European Centre for Disease Prevention and Control , ECLAC, Pan American Health Organization
Outlook
According to the Pan American Health Organization (PAHO), five of the ten most affected countries in the world are now in Latin America -- Argentina, Brazil, Colombia, Mexico and Peru -- although Chile, where cases are easing, has similar numbers.
With GDP across the region set to fall to 2010 levels this year and foreign exports contracting by an estimated 23%, growth, unemployment and poverty will return to pre-pandemic levels only slowly.
Brazil, Chile, Colombia, Mexico and Peru all made large international bond issues in the second quarter to ease short-term financing conditions; Argentina cannot do so.
Impacts
- AstraZeneca plans to produce a vaccine in Argentina and Mexico will bring hope but no rapid solution.
- Some 2.7 million companies are expected to close permanently, having failed to survive lockdowns.
- An estimated rise in poverty of some 3 million people will wipe out a decade of gains.
- Lockdown compliance will fall as cases soar despite months of restrictions.
See also
- Pandemic may drive new wealth taxes in Latin America - Jan 20, 2021
- COVID-19 will deepen food insecurity in Latin America - Dec 29, 2020
- Post-pandemic recovery will be protracted in Peru - Dec 16, 2020
- Prospects for Argentina in 2021 - Nov 5, 2020
- Central America faces major challenges in 2021 - Oct 28, 2020
- COVID will weigh on Uruguay economy despite successes - Oct 26, 2020
- Latin America's COVID economic recovery will be slow - Oct 14, 2020
- Latin America risks another lost decade - Oct 5, 2020
- Poverty rise will take years to reverse in Argentina - Oct 1, 2020
- Latin America protest risks will rise post-COVID-19 - Sep 30, 2020
- Failed impeachment will keep Peru's Vizcarra in office - Sep 21, 2020
- Vaccine campaign pledge will raise doubts in Brazil - Sep 9, 2020
- Lockdown and consumer fears hit Argentine retailers - Sep 8, 2020
- Peru pension proposals pose sustainability questions - Sep 2, 2020
- Cohesion will fracture as divisions mount in Argentina - Aug 25, 2020
- Economic uptick may not spell recovery in Brazil - Aug 10, 2020
- COVID-19 will drive record Latin America recession - Jun 30, 2020
- More graphic analysis