Latin America’s recovery has been far from plain sailing, and the recent rise in new COVID-19 cases across the region is yet another setback. This is most worrying in Brazil, where the health system is close to breaking point and lockdown measures have been tightened. Stringent restrictions are also in place in Chile and Peru, while Argentina and Colombia may follow suit if virus cases continue to trend higher there. These measures will, of course, drag down activity heading into Q2. The one crumb of comfort is that most economies were fairly resilient to tighter restrictions earlier in the year as businesses adapted to social distancing measures. This may help to soften the economic blow from the latest round of measures.
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