Negative 2021 outlook, social pressures rise amid subdued recovery: Moody’s

Output in 2021 in Latin America will remain below 2019 levels until at least 2022, according to a report by Moody’s, giving a generally negative 2021 outlook across the board. The overall recovery toward pre-pandemic levels of output will be slow and uneven, owing to the strong shock to employment, the lack of governmental social safety nets, high levels of economic informality, limited savings, and relatively lower income levels as compared to the rest of the world. Key takeaways Countries that rely more on contact-intensive services and oil exporters face weaker recoveries compared to manufacturing-led economies (the latter of which are scarce in the region). Of the region’s major economies, Chile, Colombia (Baa2 negative), and Peru (despite sociopolitical instability there […]

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The global tourism industry is set to reach, and possibly surpass, pre-pandemic levels by the end of 2024, according to the World Economic Forum (WEF). Five years post-COVID-19, the sector is experiencing a robust resurgence driven by a surge in international travel, improved air connectivity, and strong rebounds in key regions. However, global dynamics must be managed carefully to ensure stable and continuous growth. In 2023, international tourism reached 88% of its 2019 levels, a significant recovery favored by the reopening of Asian markets, as highlighted by the United Nations World Tourism Organization (UNWTO). The Middle East led the way, surpassing pre-pandemic levels by around 20%, with Europe, the Americas, and Africa following close behind at approximately 90% of their […]