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IMF: What we can expect for the Latin American and Caribbean economy- World Economic Forum

Our new Regional Economic Outlook: Western Hemisphere projects a real GDP contraction of 8.1 percent in 2020. Unlike in previous recessions, employment contracted more strongly than GDP in the second quarter of 2020, 20 percent on average for the five largest countries, and up to 40 percent in Peru.

Two structural characteristics of Latin American and the Caribbean economies contributed to the relatively larger economic impact: comparatively more people work in activities that require close physical proximity, and less people have jobs in which teleworking is feasible. Almost 45 percent of jobs are in contact-intensive sectors (like restaurants, retail stores, or public transportation), compared to just over 30 percent for emerging markets. In reverse, only about one in five jobs can be done remotely, half the share of advanced economies and below the emerging world average (26 percent). These two features, in addition to a high degree of informality and poverty, and combined with lower trade and financial turbulence caused by the ailing global economy, contributed to the historic collapse in activity.

To read the full article on World Economic Forum, click here.

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Members of indigenous communities in the Amazon in Ecuador would like to know: What happened to the more than $20M reportedly raised on their behalf by now-disbarred NY lawyer Steven Donziger? #FollowtheMoney
https://t.co/z9Zcht7zgh
#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon. https://t.co/7TqQ6sJhik
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the… https://t.co/soQ1qreULA
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer: https://t.co/5eac0lRmN7
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
https://t.co/7TqQ6sJhik

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