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Latin America faces ‘lost decade’ from coronavirus GDP drop

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A man walks past a shop roped off with caution tape and marked with signs advising of coronavirus prevention measures, in central Mexico City, Monday, July 6, 2020. After three months of shutdown, officials allowed a partial reopening of the downtown commercial area last week, although COVID-19 cases continue to climb.(AP Photo/Rebecca Blackwell)

MEXICO CITY – The Economic Commission for Latin America and the Caribbean said Wednesday the region’s per-capita gross domestic product is likely to drop by 9.1% in 2020 due to the coronavirus pandemic.

That would take the region back to GDP levels of 2010, something the U.N. commission called “a lost decade.”

Unemployment rates in the region will probably average 13.5% by the end of the year, up from 8.1% in 2019. The number of unemployed people in the region is likely to rise from 26.1 million at the end of 2019, to 44.1 million by the end of 2020.

The value of the region’s exports are expected to fall by 23% compared to the year before.

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This story was first published on July 15, 2020. It was updated on July 16, 2020, to correct the predicted GDP decline. It was 9.1%, and not 9.9%.

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Abbey Westbury

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