Latin America and the Caribbean will end 2020 with a 7.7% drop in GDP and an unemployment rate of 10.7% in the worst crisis in 120 years, according to the latest ECLAC report.

"Latin America and the Caribbean is the region hardest hit in the developing world by the crisis derived from COVID-19," said Alicia Bárcena, the executive secretary of ECLAC.

The most affected countries are Venezuela (-30%), Peru (-12.9%), Panama (-11%), Argentina (-10.5%), Ecuador (-9%), Mexico (-9%) , El Salvador (-8.6%), Cuba (-8.5%), Bolivia (-8%) and Honduras (-8%).

The Commission projects that the region will have a growth rate of 3.7% in 2021, which "would only allow 44% of the loss of GDP recorded in 2020 to be recovered" and that it could vary depending on how the vaccination process evolves, as well as the expansive monetary and fiscal policies of the different countries.

The recovery of the level of GDP that existed before the crisis will be slow and will be reached by 2024.

The year 2020 will close with an unemployment rate of 10.7%, with an increase of more than five million people on the unemployment lists. "If we add to the previous number all the people who left the workforce, the increase in the number of unemployed would be 31.2 million people, which shows the real magnitude of this crisis," the institution warned.

SHOTLIST:

1. Various of female factory workers from Argentina
2. Various of closed blinds in Argentina
3. Various of train station closed in Argentina
4. Various of people on the streets of Latin America
5. Various of shops with closed blinds
6. Various of butcher
7. Various of shops with closed blinds
8. Various of computer business
9. Various of shops with closed blinds
10. Various of food delivery workers
11. Various of transportation in Buenos Aires
12. Various of people in the streets of Buenos Aires
13. Various of construction workers in Latin America
14. Various of car factory in Mexico
15. Various of construction workers in Latin America
16. Various of agricultural industry in Latin America


STORYLINE:

Latin America and the Caribbean will end 2020 with a 7.7% drop in GDP and an unemployment rate of 10.7% in the worst crisis in 120 years, according to the latest ECLAC report.

"Latin America and the Caribbean is the region hardest hit in the developing world by the crisis derived from COVID-19," said Alicia Bárcena, the executive secretary of ECLAC.

The most affected countries are Venezuela (-30%), Peru (-12.9%), Panama (-11%), Argentina (-10.5%), Ecuador (-9%), Mexico (-9%) , El Salvador (-8.6%), Cuba (-8.5%), Bolivia (-8%) and Honduras (-8%).

The Commission projects that the region will have a growth rate of 3.7% in 2021, which "would only allow 44% of the loss of GDP recorded in 2020 to be recovered" and that it could vary depending on how the vaccination process evolves, as well as the expansive monetary and fiscal policies of the different countries.

The recovery of the level of GDP that existed before the crisis will be slow and will be reached by 2024.

2020 will close with an unemployment rate of 10.7%, with an increase of more than five million people on the unemployment lists. "If we add to the previous number all the people who left the work force, the increase in the number of unemployed would be 31.2 million people, which shows the real magnitude of this crisis," the institution warned.