By Federico Bonaglia, Deputy Director, OECD Development Centre, and Sebastian Nieto Parra, Head of Latin America and the Caribbean Unit, OECD Development Centre
This blog is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.
The necessary containment measures against COVID-19 have engendered an unprecedented global economic crisis, combining supply and demand side shocks. Now, the pandemic is affecting Latin America and the Caribbean (LAC) and countries are bracing for the ripple effects. Just months ago, many countries in the region experienced a wave of mass protests driven by deep social discontent, frustrated aspirations, persistent vulnerability and growing poverty. The crisis will exacerbate these problems.
Beyond the magnitude of the impacts on already weak health systems – some 125 million people still lack access to basic health services – the overwhelming socioeconomic impact of the crisis could disproportionately fall on vulnerable and poor households if ambitious policy responses are not put in place. Continue reading