Global Recovery May Not Be Enough for Latin America

By Otaviano Canuto, Pepe Zhang

Three areas threaten another economic and social "lost decade" for the region.

A growing global imbalance threatens to further weaken already vulnerable emerging markets: The massive vaccine disparities between advanced and developing economies may exacerbate what the IMF has dubbed “divergent recoveries” – with dire consequences for Latin America. Despite being home to only 8% of the world’s population, the region has already suffered nearly 30% of all global COVID deaths. The pandemic has also hit GDP and employment harder in the region than in all other developing regions. Poverty and inequality have spiked, potentially rolling back 20 years of...

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