Nevertheless, Ganley said she was concerned about the pandemic's impact on the economy of Argentina and South America at large.
“[For countries] that depend heavily on commodity exports, including agricultural products, global slowdowns can deprive the economy of critical financial inflows. Furthermore, I think the negative economic impact will persist for months after the pandemic is under control.”
“Emerging markets that rely on exports of raw materials such as Brazil (iron ore, oil, soy beans), Russia (oil and gas) and Chile (copper) are facing a drop in income from their principal export products, as the prices of many commodities have declined substantially since the virus outbreak,” they wrote.
The association of Guatemalan foreign trade, AGEXPORT, said the country’s agricultural sector has already been hit hard by a drop in exports of fresh fruits and vegetables, many of which are shipped to Europe and the US.
It called on the government to adopt a raft of measures to lessen the negative impact on the country’s economy and population, including a one-month Value Added Tax (VAT) exemption on basic food products and medical supplies