Ukraine-Russia crisis shaves 0.4 percent of region’s GDP

The Ukraine-Russia crisis has shaved 0.4 per cent off  the region's gross domestic product (GDP).

In a report this week, the World Bank said Latin America and the Caribbean need urgent reform to strengthen financial opportunities.

Regional GDP has been forecast to increase by 2.3 per cent this year, as global economies push to recover from Covid-19.

Regional projections for 2023 are however still expected to climb by 2.2 per cent.

 Meanwhile, the World Bank says if  regional economic reform strategies are not instituted urgently, poverty will increase.

The report says regional economies will prevent an estimated 5 point 8 million people from being plunged into extreme poverty by 2030, if  action is taken now.

Poverty rates last year rose to 27.5 percent and remain above the pre-COVID-19 level of  25.6 per cent.