Impact of COVID-19 on the Latin America Economy, Deviation, Research and Forecast 2019-2025
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 economical 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.
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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. 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.
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The Report Covers
- Comprehensive research methodology of the pre and post-COVID-19 impact on the US economy.
- A detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the US economy.
- Insights about market determinants which are stimulating the US economy.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Verticals Affected Most
- Food & Beverage
- Electrical and Electronics
- Retail & E-commerce
- Travel and Tourism
- Alphabet Inc.
- Amazon.com, Inc.
- Apple Inc.
- AT&T Inc.
- Comcast Corp.
- Chevron Corp.
- Dell Inc.
- Exxon Mobil Corp.
- Ford Motor Co.
- General Electric Co.
- General Motors Co.
- Hyatt Hotels Corp.
- IBM Corp.
- Marathon Petroleum Corp.
- McDonald’s Corp.
- Microsoft Corp.
- Nike, Inc.
- Oracle Corp.
- The Boeing Co.
- The Coca-Cola Co.
- The Kroger Co.
- The Phillips 66
- Valero Energy Corp.
- Walmart Inc.
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