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Energy in Latin America

Introduction: everything is changing

The world changed in March. Originating three months earlier in the Chinese city of Wuhan the Covid-19 pandemic spread through Europe, the United States, Latin America, and many other countries triggering a series of quarantines and lockdown measures. Public health systems came under unprecedented pressure. Millions of people experienced enforced social distancing. Political alignments shifted. The economic consequences of the virus were drastic: a combined demand-and-supply shock to the global economy of unprecedented intensity. It is now estimated that GDP will have fallen at an annualised rate of 30% or more in many of the major economies during the second quarter. The IMF predicts that the global economy will contract by 3.0% this year, with the richer, advanced economies dropping by 6.1%, and Latin American GDP shrinking by 5.4%.

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