The crisis caused by the coronavirus pandemic will leave 25 million people out of work in Latin America and the Caribbean in 2020, according to the Bank, which forecasts a loss of at least 25 million jobs by 2020, a figure that could be worse depending on how the situation evolves over the next five or six months. Also, it predicted that 50 million Latin Americans would fall below the poverty line.
The Economic Commission for Latin America and the Caribbean (ECLAC) lowered on Wednesday its forecast for the contraction of the Bolivian Gross Domestic Product (GDP) to 5.2% for the current administration. In April, the organization predicted a reduction of 3%. The coronavirus pandemic is not entirely under control in Latin America and the Caribbean, so ECLAC warned that it would lead the regional GDP to contract a historic 9.1% in 2020, a situation that will raise the unemployment rate to 13.5%.
The stoppage of productive activities due to the coronavirus pandemic will cause the closure of 2.7 million formal businesses in Latin America, most of them micro-businesses, which will imply the destruction of 8.5 million jobs, ECLAC said Thursday. COVID-19 will cause the worst recession in history in Latin America. The contraction of regional GDP expects to reach 5.3% in 2020, and the poverty rate will grow up from 30.3% to 34.7% of the population.
Oil prices plunged on Thursday as investors worried about the risk of a second wave of Covid-19 and doubts about the dynamism of the economy’s recovery. The WTI barrel in New York for July delivery lost 8.2% to $36.34. And in London the North Sea Brent barrel for […]
The World Bank (WB) warned today that the SARS-CoV-2 coronavirus crisis could push 60 million people around the world into extreme poverty, with hundreds of millions more losing their jobs in the face of the sharp economic downturn expected in 2020. According to the institution’s estimates, the global economy will collapse by about 5% this year.
The Latin American Development Bank – formerly known as the Andean Development Corporation, CAF – reported on Wednesday that it will grant a loan of up to $2.5 billion to its member countries to address the emergency generated by COVID-19. Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Costa Rica, Mexico, Uruguay, Paraguay, Panama, Peru, Dominican Republic, Trinidad and Tobago, Costa Rica and Venezuela are among the CAF partner countries, according to information published on the entity’s website. CAF had also approved a contingent credit line of up to $50 million per country to address the public health systems of Argentina, Ecuador, Panama, Paraguay, Peru, Trinidad and Tobago and Uruguay
Bolivia’s electoral tribunal said it had proposed new dates between June 7th and September 6th to the country’s legislative assembly for holding presidential elections that were delayed by a global coronavirus pandemic. The ballot initially meant to be held on May 3rd.
CAF, the Latin American development bank, has made available to its member countries a “fast-disbursing emergency credit line” of up to US$2.5 billion to take action against the coronavirus pandemic. It consists of a contingent credit line of up to $50 million per country, for direct public health care. Authorities also have non-reimbursable technical cooperation resources of up to $400,000 per country for initiatives related to coronavirus pandemic emergencies.
Crude oil prices plunged more than 20% in the first few days of trading on Monday after OPEC and Russia broke off negotiations to try to cut supply by 1.5 million barrels to contain the fall in prices due to the coronavirus. The price of Brent in Europe, as well as that of Texas in the United States, fell to around 35 dollars.
The Latin American Development Bank (CAF) announced Tuesday the approval of a $300 million credit to address the effects of the coronavirus in the region. The World Bank also announced today a $12 billion contingency fund to enable countries to take effective action to address COVID-19, with priority given to the most impoverished nations.