(Image from thehill.com)
Throughout Latin America there had been some great news throughout the end of 2019 and early 2020 as it looked as if there had been some good signs for the economy as it experienced some growth following some rough spots in 2018 and early 2019, but with many things that aren’t set to last it appears as though the economic recovery was also one of them that had to end – and that end came around because of the coronavirus pandemic.
The way that COVID-19 has been handled within latin America has been questionable to many, despite advice given across the world for safety measures and testing precautions they had mostly went ignored and the figures are starting to show it, particularly within Brazil as cases and deaths continue to rise, having a huge impact on the economy within the region. As of may it had been suggested that a forecast GDP contraction of 4.7% could be seen in Brazil, the biggest economic crash in the country for more than a century – but those may have been optimistic outlooks so early as numbers have certainly got much worse since – the suggested recovery date of 2022 has already been revised since. It has also been suggested that if the crisis extends into the second half of the year, as it looks like it might, then this decline could surpass well over 5% causing further issues within the country.
Around the world a premium has been placed on an economic recovery whilst overlooking other factors such as environmental recovery – but in order to even reach the stage where this type of recovery can be found the virus itself needs to be brought under control, if changes are made quickly this may become a possibility but even the neighbours up north haven’t figured this out just yet as the US as a whole continues to very much struggle with the pandemic. Looking to Europe and the steps taken may be important in securing a Latin America recovery, however that isn’t guaranteed as some parts of Europe are currently at risk of experiencing a second wave of infection for acting too early.
Despite much of the bad, there is good news however. Whilst there are many sectors that are struggling during this time there are just as many that are performing extremely well, especially those within the online sphere. We’ve already seen that online streaming and video sharing platforms are experiencing heavy increases in traffic and viewership as many are turning to them whilst not working as a form of entertainment, the same is also true for online gaming, with many of the best slots sites finding themselves able to capitalise on the increased traffic that’s coming through. Whilst it may not be a solid sign that the economy is on the path to recovery it does show that many are looking to spend money on their favourite pastime – this is continued from what has been seen in other parts of the world too as despite some economic failings the very same successes have been extremely widespread.
There’s still a long road ahead to reach a time of recovery – when any chance of change is factored in it does have to be remembered that there is also a lag period for a number of weeks so even if a sudden change in cases are seen it will take a number of weeks before any change is noticed in that way. It’s also important to note that there has been no current public change in attitude toward the pandemic and as such much of what is happening is business as usual, it has been suggested that the current economic decline will only continue until the public attitude toward preventing the spread is adopted – it’s a tough for months for Latin America, to all readers currently in the midst of the pandemic be sure to stay safe and take the necessary precautions to staying healthy, experts have suggested this may be around for the long haul and as such the economic recovery may be toward the bottom of priorities for much of the world currently.