-19 strikes, it reveals hard truths. In recent weeks Latin America has become the centre of the pandemic, responsible for over half of daily deaths. The region’s acute health crisis is accompanied by an economic decline unrivalled in the developing world. Theforecasts that output in the region will shrink by 9.4% in 2020, more than three times the contraction of 3% projected for emerging economies as a whole.
The bleakness of 2020 in Latin America also owes much to the condition of its economies before the coronavirus spread. Many limped into the new decade. Growth across the continent—even excluding Venezuela, whose economy collapsed catastrophically in recent years—was just 1.8% in 2018 and 0.8% in 2019.
Latin America, however, proved a laggard. It managed an average growth rate in real per person incomes of just 1.9% in the 2000s: faster than in rich economies but the lowest of the emerging world . In the 2010s growth in the region ground to a near-halt, at just 0.5% per year, behind both the emerging-country average and the rich world.
No surprise here, right?
Huge tragedy for South America
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