New UN report warns of fragile, uneven economic recovery in the Caribbean jamaicaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaicaobserver.com Daily Mail and Mail on Sunday newspapers.
World Economic Situation and Prospects (WESP) 2021, which was launched today.
The report warns that the devastating socio-economic impact of the COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy.
In 2020, the world economy shrank by 4.3 per cent, over two and half times more than during the global crisis of 2009. The modest recovery of 4.7 per cent expected in 2021 would barely offset the losses of 2020.
The pandemic has ravaged countries in Latin America and the Caribbean, exacting a heavy human toll and causing an economic contraction of historic proportions. The region’s GDP declined by 8 per cent in 2020 as prolonged national lockdowns, weaker merchandise exports and a collapse in tourism undermined economic activities.
Date Time
In Latin America and Caribbean: Fragile and Uneven Economic Recovery Expected, Warns New UN Report
COVID-19 pandemic has wreaked havoc on the region, exacerbating deep-rooted inequalities and pushing millions into poverty.
New York, 25 January – Latin America and the Caribbean will face a fragile and uneven recovery as the COVID-19 crisis may leave lasting scars on the region’s economies, according to the UN World Economic Situation and Prospects (WESP) 2021, which was launched today.
The report warns that the devastating socio-economic impact of the COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy.