THE LABOR AND EDUCATIONAL SITUATION IN LATIN AMERICA IN THE CONTEXT OF THE COVID-19 PANDEMIC
The impact of the COVID-19 pandemic on economic activity and the labor market Since the first case of infection with COVID-19 coronavirus in the region was confirmed at the end of February 2020, the disease quickly spread to all countries, and with the same speed expanded its economic effects given the limitations on the movement of people—whether due to quarantine, self-isolation or social distancing—and the need to impose the total or partial closure of a variety of activities, as well as the restrictions imposed by the pandemic on production and consumption. The recession was deep and occurred in all countries regardless of the severity of the health measures taken. Indeed, the GDP fell sharply in all countries holding records, albeit with marked heterogeneities. In the second quarter, the reduction in GDP relative to the first quarter was within a range of 7.4% (Costa Rica) and 17.0% (Mexico), with the sole exception of Peru where it fell by 26.8%. Although the pandemic was far from being eradicated, the number of infected people tended to decrease in the second part of the year⁷ and restrictions on the functioning of economic activities were relaxed. In this context, in the third quarter these economies as a whole experienced a relative recovery from the previous collapse. Levels of economic activity, however, continued below pre-pandemic levels in all countries. The rates of the decreases from the first quarter range from 2.6% in Brazil to 10.3% in Paraguay.
⁷ As is well known, infections reemerged in some countries with even greater intensity than they had initially suffered at its worst moments in the last weeks of 2020.
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