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Bank of America Says Latin America’s Economy to Crash 6.8% This Year

  • Casts doubt on plans to re-open economies in the near future
  • Region is one of the world’s most affected by coronavirus
A person walks through a nearly empty Plaza de Armas square in Santiago, Chile
A person walks through a nearly empty Plaza de Armas square in Santiago, Chile

Bank of America Corp. expects Latin America’s economy to slump by 6.8% this year and warned that plans to reopen businesses are unlikely to go smoothly as new cases continue to soar.

Brazil, the region’s biggest economy, will suffer a 7.7% contraction, while Mexico’s will fall 8%, BofA said.