Grounded planes in Brazil. Empty beach resorts in Thailand and Jamaica. Shuttered cinemas in Mexico. Coronavirus recessions loom for developing nations.
MEXICO CITY—After slamming developed economies in Asia, Europe and North America, the coronavirus pandemic is coming for economies across the developing world.
Economic output in emerging markets is forecast to fall 1.5% this year, the first decline since reliable records began in 1951, according to research firm Capital Economics. In Mexico, the U.S.’s largest trading partner, the economy could contract by up to 8%, its steepest decline since the Great Depression, Bank of America Corp. has estimated.
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