of the Caribbean's workforce has an advanced education
(World Bank, 2020)
Recovery Offers Chance to Build Back Better in Latin America and the Caribbean
22 Aug 2021
Latin America and the Caribbean (LAC) suffered more health and economic damage from the COVID 19 pandemic than any other region, although there is potential for significant transformation in key sectors as the region begins to rebound, according to a new World Bank Report.
Because of the pandemic, Gross Domestic Product (GDP) in the Latin America and Caribbean region (excluding Venezuela) fell 6.7% in 2020. A return to growth of 4.4% is expected in 2021. That compares to the Bank’s late 2020 forecast of a 7.9% GDP decline in 2020, and 4% expansion in 2021.
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Latin America and Caribbean economies managed to bounce back from COVID-19’s initial economic devastation earlier in 2020. But the pandemic’s resurgence towards the end of the year threatens to thwart an uneven recovery and add to the steep social and human costs.
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