COVID-19 and the socioeconomic crisis in Latin America and the Caribbean

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      <subfield code="a">COVID-19 and the socioeconomic crisis in Latin America and the Caribbean</subfield>
      <subfield code="c">Alicia Bárcena, Mario Cimoli, Raúl García-Buchaca</subfield>
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      <subfield code="a">This policy note is an updated version of the note published end April 2020. It updates indicators and the main socio-economic consequences of the COVID-19 crisis in Latin America and the Caribbean (LAC) and presents the main policy priorities to be achieved, taking into consideration the most recent evolution of the crisis. In 2020 LAC will be the most affected emerging and developing region in the world in terms of GDP growth and this crisis is hitting particularly the most vulnerable groups. Policy reactions have been bold, but further measures are needed. In the immediate, the priority must be to prevent further contagion by strengthening testing, tracking and tracing strategies, and to continue supporting most vulnerable families, workers and firms. In addition, investment efforts to promote activity are fundamental to spur a swift economic recovery. In the medium term, the aftermath of the crisis must be turned into an opportunity to redefine the social contract, putting well-being and sustainability at the centre, based on stronger social protection systems, innovative productive development strategies, and more robust and inclusive public finances. Co-ordinating a global response to address the impact of - and the recovery from - the COVID 19 crisis in the region remains vital, including to tackle the challenge of financing development and of dealing with increasing debt levels</subfield>
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