An end to an oil boom in Latin America hints of hard times for the region, and now United Nations officials have flashed a red alert for Latin America’s middle class. CCTV Correspondent Michelle Begue filed this report.
Highlights:
- While Colombia’s economy isn’t the hardest hit by the crash in oil prices, it has greatly affected the Colombian peso which is at a five year low against the dollar. Analysts say if unemployment isn’t the problem then families could still feel a hit in their purchasing power.
- The 2014 Human Development Report by the United Nations Development Program warns that Latin America’s middle class, earning $10 to $50 a day, is more vulnerable than ever.
- Thirty-seven percent of this population is in jeopardy of falling back into poverty as soon as a major crisis hits.