The Latin American economies that moved early to contain the coronavirus – Chile, Colombia and Peru – are all now starting to look at ways to ease lockdown measures, which should support a gradual recovery in activity later this quarter. But lockdowns look set to stay in place for much longer in Mexico and Brazil. Governments were slow to introduce measures in the first place and are still struggling to reduce the number of new coronavirus cases. The economic damage caused by social distancing will be larger and more prolonged, adding to our view that recoveries in Brazil and Mexico will lag the rest of the region.
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