Friday, 19 May 2023 02:55

Four key trends for policy action in Latin America and the Caribbean: World Bank

Written by Evelyn Alas

Latin America and the Caribbean (LAC) has been one of the regions hardest hit by the global crises , according to the World Bank.

In 2020, the economy contracted by 6.4%, with job losses affecting 8.3% of the labor force. Despite the efforts of governments to cushion the negative effects of the pandemic. The report shows that these phenomena have partially changed the poverty landscape in the region, as they have successively affected urban areas and the middle class.

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1-Educational recovery in 2021 was insufficient to recover losses and heal the lasting scars left by the pandemic. Without cohesive, evidence-based learning recovery programs, there is a high risk that the entire generation that was affected by school closures during the pandemic will see their incomes reduced by 12% over their life cycle.

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2-Inflation is affecting households. The context has made it difficult for families to adjust to an average 8.9% increase in food and fuel prices after the start of the conflict in Ukraine.

3-There is a continued deterioration in the living standards of vulnerable groups such as women, youth and unskilled workers. COVID-19 has led many in these groups to reduce their consumption of food and other essential goods, or to use their savings.

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4-Labor market performance will play a crucial role in the ability of poor households in Latin America to recover given limited fiscal capacity. For low-income families, labor income represents, on average, about 84% of their total income, which is still below pre-pandemic levels in most countries.


Translated by: A.M