OECD Sees Deeper Latin American Recession If Virus Hits Again

A second wave of Covid-19 would deepen this year’s recession in Latin America’s three largest economies by more than 1 percentage point, according to the Organisation for Economic Co-operation and Development, Bloomberg News reported. Argentina and Brazil would suffer the biggest hits, shrinking by 10% and 9.1%, respectively, while Mexico would contract by 8.6%, Paris-based OECD said in a report published on Wednesday. A possible second wave of the virus could come between October and November following the easing of containment measures currently in place, the organization said. In its report, the club of the world’s richest democracies praised the three Latin American countries for their efforts to support vulnerable individuals and companies during the pandemic. Read more