COVID-19 has generated a previously unimaginable shock to economic activity in some sectors for counties across the world—an ‘extreme outlier’ event in statistical terms. For many countries, shocks of this magnitude have not been experienced except during periods of armed conflict or extreme natural disasters. A recent publication from Inter-American Development Bank (IDB) … [Read more...] about Extreme Outlier: The Pandemic’s Unprecedented Shock to Tourism in Latin America and the Caribbean
Six Recommendations to Ensure Guyana’s Oil Wealth is More Financially Inclusive
Guyana’s economy is on the verge of a historic transformation following recent oil discoveries. Financial sector development and inclusion will be crucial to maximize the benefits of faster growth and increased revenues. However, financial access and inclusion in the country are lagging, which hinders firms’ productivity and performance. A new publication from IDB economists … [Read more...] about Six Recommendations to Ensure Guyana’s Oil Wealth is More Financially Inclusive
What effects will COVID-19 have on employment in Latin America and the Caribbean?
In a prolonged recession from the coronavirus, The Bahamas could see job losses of -26.9% and Jamaica -24.8%. While in Guyana, Suriname and Trinidad and Tobago, their jobs could shrink by -16.7%, -14.5% and -10.5% respectively. COVID-19’s impact on the world's labor markets is unprecedented. In the United States, 16.8 million people applied for unemployment … [Read more...] about What effects will COVID-19 have on employment in Latin America and the Caribbean?
Caribbean Economies in the Time of Coronavirus
The Inter-American Development Bank’s (IDB) Caribbean Department has published a special edition of its Caribbean Quarterly Bulletin—also detailed on our new dedicated website—focused on the evolving economic and human consequences of the COVID-19 outbreak for the region. Our team of economists from across the region has been advising IDB senior management and member-country … [Read more...] about Caribbean Economies in the Time of Coronavirus
How to Overcome the Hit and Go Beyond: Work After COVID-19
International Workers' Day comes this year in exceptionally difficult circumstances. This day, usually of vindication and reflection, is wrapped this 2020 in a context that nobody would have been able to anticipate just a few months ago. The global crisis caused by the COVID-19 pandemic has drenched the daily lives of millions of people worldwide. And the region, of course, is … [Read more...] about How to Overcome the Hit and Go Beyond: Work After COVID-19