“The worst crisis in our history”: The pandemic is devastating Latin America’s economy. Recovery will likely take years.
LIMA, Peru—The pandemic has devastated hundreds of thousands of businesses across Latin America, setting back the clock on the social and economic gains made over the past two decades when a global commodities boom powered breakneck growth.
From 2003 to 2019, poverty fell from 45% to 30% regionwide, and poor Latin Americans by the millions, poised on the threshold of middle-class life, took their first airline flight, bought their own homes and paid university tuitions for their children.
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