Impact of COVID-19 on Latin American Economy Market Size, Share, Analysis and Forecast 2025

COVID-19 epidemic is a human tragedy and is showing a huge impact on the global economy. The pandemic has majorly affected the US, China, and European countries; however, its impact can be seen in other parts of the world. Latin America is one such region that drives its economy from the trade of goods from these severely affected regions. Therefore, the outbreak has declined the economic growth of Latin American in the past few weeks. Economic Commission for Latin America and the Caribbean (ECLAC) has stated that the COVID-19 pandemic will leave a devastating mark on the global economy, which could be more intense than the 2008-2009 global financial crisis. Latin America will not be spared since it will get affected by several channels, which includes the exports of agricultural products to China, the decline of tourism in Caribbean countries, and a drop in commodity prices. The governments of the respective countries are taking measures regarding the declining economy, involving lowering interest rates, increasing social spending, and suspending bank credit fees.

Get Sample Copy of Impact of COVID-19 on Latin American Economy Market at: https://www.omrglobal.com/request-sample/impact-of-covid-19-on-latin-american-economy

The key companies operating in Latin America and are getting affected by the COVID-19 pandemic include CEMEX, Ecopetrol SA, GOL Linhas Aéreas S.A., Intrepid Group, LATAM Airlines Group S.A., and Azul Linhas Aéreas Brasileiras S/A.

Latin America is expected to face a year followed with lower economic growth along with much weaker public finances, which in turn, will lead to the potential downfall of the region in sovereign ratings. Based on industry classification, the Latin American economy is classified into automobile, food & beverage, construction, oil & gas, aviation, retail, travel and tourism, and others. Latin America generates its economic growth from the oil, manufacturing, tourism, and agricultural industry. The region has nearly 15% of oil resources of the world and exports its oil and related commodities to the US, China, and other countries.

A full report of Global Impact of COVID-19 on Latin American Economy Market is available at: https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-latin-american-economy

However, as per the International Monetary Fund (IMF), the global demand and supply for dry bulk shipping stocks such as commodities and building materials have relatively fallen in the past few weeks; impacting the construction and manufacturing sector. Similarly, Latin America exports oil and relative commodities to China. The decline in the economic activity in the US, China has led to a decrease in the prices for these commodities. Therefore, with the lower oil prices, there will be a slowdown of developments in Vaca Muerta and a delay in production. It will also increase the economic crisis in Venezuela, as the country has a lower down cost of oil in the recent period.

Verticals Affected Most

o Automobile
o Food & Beverage
o Construction
o Oil & Gas
o Aviation
o Retail
o Travel and Tourism
o Others

For more customized data, request for report customization @ https://www.omrglobal.com/report-customization/impact-of-covid-19-on-latin-american-economy

Media Contact:

Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +1 646-755-7667, +91 7803040404

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

For More Information, Visit https://www.omrglobal.com/

This release was published on openPR.