Coronavirus fears continue to spike across the globe, leaving its traits on every nation. The countries in Latin America have been hit hard by the COVID-19; however, later than several other countries, including the US and the European countries. Therefore, Latin America has a chance to work on immediate actions and level the curve of contagion. Followed to which, the Latin American countries are stepping forward to increase their efforts by strengthening the healthcare industry and are taking several measures, including school closings, border closures, and other social distancing measures. While the region has a huge mass of youth population as compared to the elderly population (in contrast to European countries), the risk for the mortalities from coronavirus is relatively less. In Latin America, the most COVID-19 affected countries are Brazil, Ecuador, Chile, Peru, Mexico, Panama, Argentina, Dominican Republic, Columbia, Uruguay, and Costa Rica. Among these Latin American countries, Brazil is experiencing the largest base of coronavirus affected people. On April 27, 2020, the country confirmed 138,483 cases and 6,321 mortalities from the COVID-19. Brazil has closed all the borders on March 19, 2020; however, there are no restrictions for the US citizen visitors arriving by sea or air, though, they also have to follow certain medical advice regarding quarantines. Such impositions on the movements are certainly impacting the industrial growth in the region. However, as compared to European nations, the market players are seeing an opportunity to increase their market size across the globe amidst the pandemic.
Argentina took a similar tactic and enacted strict measures for the safety of the public. The Government of Argentina has asked the public to remain in social isolation until the coronavirus ends. The country has also deployed Gendarmerie and the Federal Police to enforce the quarantine. The Government of Argentina has also allocated substantial funds intending to ensure state support to workers and businesses whose activities are hampered due to the outrun of the COVID-19 pandemic. The Colombian government is taking strict measures and has banned travel for at least a month. There are also several measures being taken by the government by announcing the closure of non-essential businesses and curfews in the country.
Downfall in Oil & Gas Industry in Latin America
The key companies operating in Latin America and are getting affected by the COVID-19 pandemic include CEMEX, Ecopetrol SA, GOL Linhas Aéreas S.A., Intrepid Group, LATAM Airlines Group S.A., and Azul Linhas Aéreas Brasileiras S/A. For instance, the Colombia-based oil company, Ecopetrol SA has canceled its plan of investing $1.2 billion in 2020, in response to the current market condition. Studying these new market circumstances, the company is also planning to implement commercial strategies, to maximize the value of the crude oil and its related products sold by the Ecopetrol SA.
Furthermore, in March 2020, Brazilian fuel distributor Petrobras Distribuidora SA, has witnessed the demand for gasoline and ethanol plummet during pandemic. The company announced the initial fall by 60% in the sales due to the COVID-19pandemic which slightly recovered up to 30-35%. The imports of polyvinyl chloride (PVC) products were up 22.3% in January 2020 in comparison to a year earlier, due to the movement in cities where lockdown has begun to slip. Thus, this shows that there may be a slight growth opportunity post-COVID pandemic.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-latin-american-economy
The Report Covers-
- Historical market growth estimation of Latin America economy excluding COVID-19 pandemic effect
- Deviations in Latin America economy growth rate due to COVID-19 pandemic
Market Segmentation
- Automobile
- Food & Beverage
- Construction
- Oil & Gas
- Aviation
- Retail
- Travel and Tourism
- Others
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-latin-american-economy
Company Profiled
- Azul Linhas Aéreas Brasileiras S/A
- CEMEX
- Ecopetrol SA
- Ford Motor Co.
- GOL LinhasAéreas S.A.
- Grupo Comercial Chedraui
- Intrepid Group
- LATAM Airlines Group S.A.
- Marfrig Global Foods
- Mercado Libre S.R.L.
