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rdf:type	schema:NewsArticle
schema:articleBody	The UN Economic Commission for Latin America and the Caribbean on Wednesday slashed its projection for the region's GDP fall for 2020 from 9.1 to 7.7 percent. ECLAC said the gradual reopening of economies shut down to combat the coronavirus pandemic and financial help for families and businesses, especially in the region's largest economy Brazil, had contributed to the improved forecast. Alicia Barcena, ECLAC's executive secretary, predicted the region would experience growth of 3.7 percent in 2021 but said economic activity would not return to pre-pandemic levels until 2024. "The growth dynamic in 2021 is subject to high uncertainty related to the risk of pandemic outbreaks, to the agility in producing and distributing vaccines and the ability to maintain fiscal and monetary stimuli to support aggregate demand and the productive sectors," she said. The economic crisis afflicting the region due to the pandemic "will be longer than we hoped," said ECLAC. In 2020, every country in the region will end the year with an economic contraction due to the measures taken to combat the pandemic, including shutting down business, manufacturing, and closing borders. The worst hit country in the region will be Venezuela with a 30 percent fall in GDP, while Paraguay weathered the storm the best with an economic slowdown of just 1.6 percent. Brazil's economy will shrink 5.3 percent and Mexico's by nine percent. pa/bc/st
schema:headline	UN slashes LatAm economic slowdown projection
schema:mentions	Latin America Caribbean Paraguay Gross domestic product Venezuela United Nations Mexico Pandemic Brazil Severe acute respiratory syndrome coronavirus 2 Hurricane Alicia Aggregate demand United Nations Economic Commission for Latin America and the Caribbean
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-12-16 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	79 (xsd:integer)

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