Latin America Seen Heading for Deepest Slump Since at Least 1901

The World Bank projects the recession in Latin America and the Caribbean will be the worst downturn since reliable data began in 1901, setting back progress on fighting inequality and poverty, Bloomberg News reported. The development institution expects a gross domestic product contraction of more than 7% for 2020, making it worse than any crisis of the past century, including the Great Depression, the 1980s debt crisis and the global financial of 2008-2009, President David Malpass said. The drop in commodity exports based on a plunge in demand in advanced economies, coupled with the collapse of tourism, is hammering the region, Malpass said in a webcast hosted by the Council of the Americas on Wednesday. “It hits the poor and vulnerable the hardest through illnesses, job and income losses, food supply disruptions, school closures and lower remittance flows,” he said. Read more