UN report projects 5.4% shrink GDP for Latin America, Caribbean

Latin America

The United Nations World Economic Situation and Prospects mid-2020 report says Gross Domestic Product in Latin America and the Caribbean is projected to shrink by 5.4 per cent this year—the largest contraction in the region’s history.

It said average per capita income is expected to decline to the lowest level in more than a decade and with unemployment rising sharply, large numbers of people will fall into poverty.

The region is expected to return to moderate growth in 2021, supported by a global economic recovery.

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