Latin America is once again the global epicentre of COVID-19 but, from an economic perspective, the region has built up significant immunity to the virus. Indeed, despite the surge in new virus cases at the start of Q2, the latest activity data show that the region’s economies held up well, especially those of Brazil and Colombia. It appears that businesses and consumers have adapted to various restrictions, which bodes well for economies during the latest wave of infections. Better still, outbreaks appear to be easing and lockdown measures are being lifted in Argentina, Chile and Peru, which should support their recoveries heading into Q3. Overall, we’re more optimistic than most about the near-term economic outlook for Latin America, even though the region’s prospects are still dimmer than elsewhere in the emerging world.
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