Latin America and the Caribbean (LAC) is one of the regions most affected by the COVID-19 pandemic. Restrictions and other measures to contain the spread and protect public health have had a major impact on the economy.
In 2020, regional GDP experienced one of the sharpest declines in history, with GDP per capita falling to 2010 levels. This led to a significant increase of unemployment, informality and poverty.
Regional trade with goods also declined in 2020, although less sharply than during the 2008-2009 financial crisis. Tourism and international transport were hit harder than during the previous crisis, while trade in ICT and digital technology-based services sustained better.
