Latin America and the Caribbean, regions severely affected by Covid-19, will have a “modest economic recovery” in 2021, the World Bank forecast Tuesday.
Even so, the rebound will be insufficient to overcome last year’s historic contraction due to the coronavirus pandemic, warned the institution.
“Regional growth is projected to be 5.2 percent in 2021. This is a modest recovery after a 6.5 percent contraction in 2020, deeper than the recessions during World War I and the Great Depression,” according to the latest World Economic Outlook report.
Although global economic recovery has accelerated, driven by widespread Covid-19 vaccination in more developed nations, Latin America and the Caribbean are one of the two emerging markets, along with the Middle East and North Africa, where Gross Domestic Product (GDP) will be lower in 2021 than in 2019, according to the World Bank.
For 2022, Latin America and the Caribbean’s regional growth forecast is…