Latin America and the Caribbean is the developing region most affected by the pandemic. It represents 8.4% of the world’s population but accounts for 30% of deaths from COVID-19. It suffers the worst contraction of GDP in 120 years, with a fall of 7.7% in 2020 while the pandemic has caused the closure of 2.7 million companies (that is, 19% of all Latin American companies), with a dramatic destruction of jobs that mainly affects young people and women and with a drastic drop in trade, foreign investment and remittances. The region is the most indebted in the developing world (79% of GDP) and with the highest external debt service in relation to exports of goods and services (57%).


As a consequence of this deterioration of Latin American economies, inequality and poverty have increased. While in previous years, the region had managed to reduce poverty from 45.2% of the population in 2001 to…

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