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Sunday, April 21 2019 @ 08:04 PM UTC

UN: Latin America faces financial crisis

Panama NewsUNITED NATIONS, Feb. 7 (UPI) -- The worldwide economic crisis could mean the loss of 2.4 million jobs in Latin America and more regional poverty, analysts and the United Nations warn. Fallout from the global financial meltdown could increase the poverty rate in Latin America by 15 percent in 2009 while regional bodies are predicting potential widespread unemployment in smaller countries such as Panama and the Dominican Republic, the BBC reported Saturday. Rebeca Grynspan, regional head of the U.N. Development Program, told reporters that Latin American governments needed to take action quickly, especially in smaller countries where the big financial shocks may not be easily coped with. She reportedly said public monies needed to be injected into the countries' economies or they could lose the significant social gains made in recent years. Even Latin American powerhouse Brazil has been feeling the effects of the credit crunch, with its car industry placing workers on mandatory leave. Dramatic drops in oil prices have also raised worries about the future of social programs in such oil exporting nations as Ecuador and Venezuela, the BBC reported.
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