UN: Latin American Economy Can Go Back 10 Years!

UN: Latin American Economy Can Go Back 10 Years!

The United Nations (UN) and the Latin American and Caribbean Economic Commission (ECLAC) expressed the expectation that the economies of the region will shrink due to the coronavirus outbreak. The UN and ECLAC estimate that countries in the region will contract by 9.1 percent in 2020. In the report published by the Commission, the expected shrinkage would bring the GDP of the countries in the region to the level in 2010; commented that this would mean "10 years of loss" for the Latin American economy. The unemployment rate, which was 8.1 percent on average throughout the region at the end of 2019, will increase to 13.5 percent at the end of the year; It was recorded that the number of unemployed, which was 26.1 million at the end of 2019, is expected to be 44.1 million at the end of 2020. In addition, it is also predicted that the export volume of countries in the region will decrease by 23 percent compared to last year.