This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.
The International Monetary Fund is forecasting a nearly double-digit recession for Latin America and the Caribbean in 2020 – a contraction of 9.4% – as the region is dragged down by its two largest economies, which continue to suffer from the coronavirus.
The updated outlook for the region, released Wednesday, is down sharply from the 5.2% recession forecast in April, which already would have been the worst performance since at least 1980, the first year in the IMF’s World Economic Outlook database.
The new forecast includes 10.5% dive for Mexico and a 9.1% plunge for Brazil.
