As Latin America and the Caribbean continue to peer tentatively into the coronavirus dark tunnel of uncertainty, the Economic Commission for Latin America and the Caribbean (ECLAC) has hit the region with more gloomy news regarding its projected economic performance in the period ahead.
At a press conference last Friday, where the UN Commission created to encourage regional cooperation unveiled its Special Report COVID-19 #6, it is projecting a staggering 23% decline in Latin America and the Caribbean’s foreign trade this year.
Some of the grimmest news regarding the economic performance of the hemisphere, going forward, comes from the Caribbean, the area likely to be most affected by a projected overall 50% COVID-19-driven regional contraction of the tourism industry. High economic dependence on tourism across several Caribbean states coupled with weak response-capabilities in times of crisis means that the Caribbean, as a whole, is likely to be the worst-impacted by the tourism decline.
