SOUTH AMERICA (South America is predicted to see zero or negative GDP growth for 2020):
Brazil is experiencing very high COVID-19 infection rates as we move into the 2nd half of 2020. South America has numerous precarious population centers that could see widespread increases of the COVID-19 virus in the coming weeks, these countries include Ecuador, Peru, Guyana, Uruguay, Venezuela & Paraguay.
The South American construction sector is dealing with the consequence of COVID-19 and is currently moving to deal with the response effort. Some counties never ended ongoing construction activity and others to some extent closed down, construction activities in most countries are starting to slowly ramp up again as we transition into the 2nd half of 2020.
In Brazil, construction work for the most part did not stop, however each region dealt with the crisis in different ways.
COVID-19’s impact on South America is expected to be worse than the 2008 economic / financial crisis, more than 40% of the population of South America live in extreme poverty and have limited access to medical assistance. COVID-19 could severely impact construction activity for at least the next 6 months.
Argentina, Bolivia, Brazil, Chile, Colombia, Paraguay, Peru and Uruguay will all experience a dramatic slowdown in their construction sectors for the remainder of 2020. The COVID-19 virus will reduce future CAPEX spending for the foreseeable future.
South America has numerous precarious population centers that will see the widespread of the COVID-19 virus in the coming weeks, these countries include Ecuador, Peru, Guyana, Uruguay, Venezuela & Paraguay.
Many countries in South America lack intensive care units / isolation wards or adequate numbers trained specialist healthcare workers & advanced medical equipment & supplies.
The jury is still out on the global economic impact of the COVID-19 Pandemic, possibly three months from now we will have a clearer understanding of how we get past this event & how it impacts the construction sectors of all the South American countries.