The COVID-19 outbreak has affected the economies of countries globally. Especially in countries where the super rich are just a handful. These business leaders play an important role in the country’s economic situation. Such is the case of Latin America as mentioned by Northeastern University president, Joseph Aoun. Mr. Aoun along with business executives from major Latin American countries like Columbia, Brazil, Ecuador and many more. These executives spoke about the crisis and opportunities post-COVID-19 in the Young Global Leaders Programme.
Analysts everywhere have forecasted that Latin American economies will be the last to recover from the pandemic. One of the reasons – even though the the virus hit Latin American countries quite later than rest of the world, the governments of these countries failed to contain the virus. Brazil is one of the worst affected countries by the COVID-19 pandemic. Economists have projected a negative growth in GDP for these countries for the upcoming years. The worst affected would be Mexico. Most of the population in Latin America is dependent on daily wage. Moreover, Latin American countries were going through losses and national emergencies even before the pandemic hit. It seems bleak for the economies to recover quickly and become the global power they aim to be.
However, the business leaders who control major industries in these countries seem to think otherwise. Gabriel Echavarria, a Columbian tycoon said that while many industries have been affected by the pandemic, however, other industries are thriving at the given opportunity. Others like Jorge Roca from Ecuador and Hector Grisi of Mexico believe that slowly but steadily financial institution will start booming in Latin America. Investment in the fields of education, health care and poverty stricken people is extremely necessary to lift the countries out of the economic drought. Even though there is political instability in most countries of Latin America, the biggest business executives believe that Latin America is destined to become the super power in the future.