Latin America faces 'lost decade' from coronavirus GDP drop
https://www.msn.com/en-xl/news/world/latin-america-faces-lost-decade-from-coronavirus-gdp-drop/ar-BB16N8GD?ocid=msedgdhp
MEXICO CITY (AP) — The Economic Commission for Latin America and the Caribbean said Wednesday the region’s per-capita gross domestic product is likely to drop by 9.9% in 2020 due to the coronavirus pandemic.
That would take the region back to GDP levels of 2010, something the U.N. commission called “a lost decade.”
Unemployment rates in the region will probably average 13.5% by the end of the year, up from 8.1% in 2019. The number of unemployed people in the region is likely to rise from 26.1 million at the end of 2019, to 44.1 million by the end of 2020.
The value of the region's exports are expected to fall by 23% compared to the year before.
Provided by Associated Press Workers in a small appliance repair shop work behind plastic sheeting to reduce the spread of coronavirus, in central Mexico City, Monday, July 6, 2020. After three months of shutdown, officials allowed a partial reopening of downtown last week, although COVID-19 cases continue to climb. (AP Photo/Rebecca Blackwell)
Provided by Associated Press A man walks past a shop roped off with caution tape and marked with signs advising of coronavirus prevention measures, in central Mexico City, Monday, July 6, 2020. After three months of shutdown, officials allowed a partial reopening of the downtown commercial area last week, although COVID-19 cases continue to climb.(AP Photo/Rebecca Blackwell)
Provided by Associated Press People wearing protective face masks as a precaution against the spread of the new coronavirus, shop at a reopened business in downtown Lima, Peru, Wednesday, July 1, 2020. Major cities in Peru including the capital, will begin allowing for public transportation and certain businesses to reopen, but will still restrict the movement of the elderly and young children. (AP Photo/Martin Mejia)
Provided by Associated Press A barber wears a face shield, mask and gloves for protection amid the COVID-19 pandemic while attending a client on the first day the shop was allowed to reopen, as restrictions ease in Brasilia, Brazil, Wednesday, July 15, 2020. (AP Photo/Eraldo Peres)