Who is Following the Money? COVID-19, Stimulus Programs & Oversight in Latin America
As Latin American governments implement stimulus packages and tax relief programs to combat COVID-19, FTI Consulting is launching a series – Who is Following the Money? – to analyze the structure and potential effectiveness of oversight protections accompanying these programs.
Our authors are multidisciplinary, multilingual practitioners, who live and work throughout the region to solve our clients’ wide-ranging critical business challenges, with a focus on disputes, investigations and intelligence matters. They have supported external counsel and their clients in Latin America’s highest profile disputes and corporate investigations.
Our practitioners have also helped countless investors assess, understand and manage operational, financial and reputational risks on joint ventures, partnerships, acquisitions and numerous other business transactions in the region. This includes significant expertise on Latin American governmental policy pertinent to this series of articles exploring COVID-19 stimulus programs.
The impact of COVID-19 on Latin America is coming sharply into focus. The health consequences are devastating, with 526,447 confirmed cases and 29,937 deaths in Brazil alone as of June 2, 2020. There is an expected upward trend in the number of cases across the entire region estimated at over 1,051,695 confirmed cases and over 52,721 deaths as of the same date.1
The economic impact is also crystallizing. A recent IMF forecast estimated that the global economy will shrink by 3.0 percent in 2020, with Latin America contracting by 5.2 percent.2 This crisis is expected to plunge 29 million Latin Americans into poverty.3