Latin America to bear the worst impact from coronavirus: World Bank
He said the findings in the report "calls for clarity on how to combat the pandemic and put the economies back on track for a swift recovery."
"The number of deaths per million people is as high as in advanced economies, if not more, but the resources available to counter the shock are much more constrained," it said.
The bank forecasts a recovery with growth of 4.0 per cent in 2021. The report forecasts a region-wide 7.9 per cent drop in GDP, a slightly more negative outlook for 2020 than its last assessment in June of a likely 7.2 per cent contraction.
crisis-wracked Venezuela -- in acute recession for several years and with a government that at least 50 countries refuse to recognize -- is not taken into account in the figures.
The Covid-related economic crisis follows "several years of disappointing economic growth and limited progress on social indicators, and right after a wave of social unrest," the report said.
"The social damage is immense" the institution warned, adding that unemployment rates had soared across the region, "sometimes substantially."
Surveys conducted in 13 countries in the region showed that the share of households suffering a decline in income is higher than the share experiencing job losses, it said.
The findings suggest that "the impact of the crisis is not only severe but also potentially long-lasting."