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April 21, 2021

Latin America and Caribbean economies suffer harsh impact of Covid

By Paul Dennis

21 April

Tony Addison, a professor of economics at the University of Copenhagen, retweeted an article on the looming threats of the Covid-19 pandemic on Latin America and the Caribbean countries that were already suffering from low growth, a poor health infrastructure, and an inefficient taxation system before the pandemic.

The Covid-19 pandemic has had a serious impact on economic growth of countries, with more deaths arising from it leading to lower growth and vice versa.

Experts suggest that countries in Latin America and the Caribbean accounted for only 8% of the global population, but reported more than 25% of deaths and an estimated GDP loss of 7.0%, the largest loss since independence 200 years ago.

Pointing at some reasons why the region performed poorly during the pandemic, experts state that the countries pre-existed with conditions such as a weak health infrastructure.

Other reasons included lack of adherence to lockdowns, lack of connectivity to work from home, and high levels of informality.

However, some experts believe that with the crisis comes opportunities, as multinational companies have started re-thinking their supply chain strategies, boosting the region to become more competitive.

Additionally, experts believe that it is more likely that the underperforming labour-intensive sectors which were worst hit by the pandemic, can be transformed more effectively with the right policies in place.

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