I. The economic rebound does not ensure sustained growth. A. Structural gaps have exacerbated the adverse effects of the pandemic .-- II. Social impacts worsen and will persist into the economic recovery. A. Higher poverty, higher inequality. B. High levels of vulnerability among middle-income groups. C. Diminished coverage of pension systems. D. Emergency transfers are of the essence. E. The risk of a lost generation .-- III. Environmental deterioration continues and environmental policies suffer a setback. A. The fall in activity afforded nature only a brief respite. B. Lower public budgets to underpin environmental discourse .-- IV. Strategy and policy proposals. A. The developed countries are acting now, while the region lags behind. B. Sustaining expansionary fiscal policies. C. Financing for development: empowering new initiatives. D. Maintain emergency transfers. E. Strengthening health and education. F. Reaffirmation of a transformational strategy.