July 14, 20 - 10:25 am - LABS

OECD foresees that 28 million Latin Americans will fall into poverty

The Organisation for Economic Co-operation and Development (OECD) says that this year 28 million Latin Americans will enter the poverty line and another 16 million will fall into extreme poverty due to COVID-19 crisis, reported Valor Econômico.

The statement comes from OECD’s Secretary-general, José Ángel Gurría, during a Ministerial Virtual Summit on Social Inclusion for Latin America and the Caribbean. It is not only OECD: The World Bank has stated that a total of 53 million Latin Americans will see their incomes below the regional poverty line this year.

According to Gurría, one in five young people in Latin America and the Caribbean is unemployed.

The region was already suffering from unemployment and informality, but, according to Gurría, “this worsened with distance measures, commercial tensions and disruption of value chains”, he said.