OECD’s Latin American Economic Outlook 2021 warns the region has gone through a series of serious dysfunctions, weakened even more by the Covid-19 pandemic.
It is a setback in the levels of the Gross Domestic Product (GDP) per capita, which will only recover to pre-pandemic levels by 2023-2024.
The OECD recalled that, in addition, more than 20 million people fell into poverty due to a drastic reduction in their income and, at the same time, a social withdrawal.
It has been an asymmetric shock that has particularly affected the most vulnerable populations, said the head of the OECD Development Centre’s Latin America and Caribbean Unit, Sebastian Nieto.
Latin America and the Caribbean is the region most affected in the world by the coronavirus, its consequences are felt at all levels: more than 20 million people fell into poverty and the impact on the quality of education systems will be unprecedented.
One of the ideas mentioned to change the situation is that of Development in Transition, which is translated into going beyond GDP, stated the OECD in its report.