Latin America and the Caribbean will suffer worst economic and health impact due to COVID-19, says World Bank

Forecasting a nearly 8 per cent drop in regional GDP, the World Bank on October 9 said that Latin America and the Caribbean will suffer the worst economic and health impact due to the COVID-19 pandemic.

Carlos Felipe Jaramillo, the bank’s regional Vice President said, “Our region is suffering the worst economic and health impacts of COVID-19 of anywhere in the world.” “The findings in the report call for clarity on how to combat the pandemic and put the economies back on track for a swift recovery,” Jaramillo added. In its report, the World Bank has listed a number of troubles that are hurting the region such as increased economic uncertainty, a collapse of tourism and lower foreign demand. “The pandemic-related economic crisis follows several years of disappointing economic growth and limited progress on social indicators and right after a wave of social unrest,” the report further added.

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