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Latin America, Caribbean Countries Need Urgent Fiscal Reform in Wake of Pandemic, IDB says

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BOGOTA (Reuters) – Economies in Latin America and the Caribbean will remain weak in the years after the coronavirus pandemic and must implement urgent fiscal reforms to confront social challenges, the Inter-American Development Bank (IDB) said on Saturday.

The organization expects the region to see average economic expansion of 4.1% this year, following a contraction of 7.4% in 2020, representing the worst registered economic crash since 1821.

However, economic growth could slow to 2.5% in 2022 and 2023, the IDB said in a statement during its annual assembly, held in the Colombian city Barranquilla.

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