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’s largest regional lender, this year will approve nearly $20Bn dollars in loans. Around $15Bn of those will go to governments to strengthen healthcare systems.