Latin America Will Be Poorer After The Pandemic, IADB President Says

  • Latin America will emerge from the COVID-19 pandemic with higher poverty rates as efforts to control the virus lead to spikes in unemployment and indebtedness, Inter-American Development Bank President Luis Alberto Moreno said in an interview.
  • Latin America, where economic growth has already been slowing in recent years, is expected to see an economic contraction between 8% and 10% in 2020 as a result of the coronavirus and associated quarantine measures.
  • The IADB, which is Latin America‚Äôs largest regional lender, this year will approve nearly $20Bn dollars in loans. Around $15Bn of those will go to governments to strengthen healthcare systems.

(Source: Reuters)