A new report by the Economic Commission for Latin America and the Caribbean (ECLAC) has warned that the coronavirus pandemic will herald the worst economic contraction in the history of  Latin America and the Caribbean, with a projected -5.3 per cent drop in activity this year.

The report, published on Tuesday, concluded that a contraction of  this magnitude would mean going back to the Great Depression in 1930, when there was a -5.0 per cent drop, or the start of  World War One in 1914, when growth plummeted -4.9 per cent.
The report is ECLAC’s second study in tracking the economic and social effects of  the coronavirus crisis in Latin American and Caribbean countries.
The first was issued earlier this month.
The impacts of  COVID-19 include a reduction in international trade, falling commodity prices, lower demand for tourism services and a drop in remittances.