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The Latin American economy will grow 1.8% during 2023, according to the IMF

The Latin American economy will grow 1.8% during 2023, according to the IMF

The rise in the region is less than the global advance estimate. Likewise, for 2024, the projections in Latin America are for an increase of 2.1%,

The GDP of Latin America and the Caribbean it will grow 1.8% this 2023, according to the International Monetary Fund (IMF). Although this percentage is 0.1 points higher than what was anticipated in October, it is lower than the global level, which will have an increase of 2.9% this year.

Along these lines, the regional economies of Brazil and Mexico will increase 1.2% (0.2 percentage points) and 1.7% (0.5 percentage points) respectively. However, this increase continues to be lower compared to other emerging countries such as India, which will increase by 6.1%.

It should be noted that these estimates are more optimistic than those published by the World Bank (WB), which indicated growth in Latin America and the Caribbean would be 1.3% this year and 2.4% by 2024.

However, the IMF continues to warn of possible risks due to the escalation of the war in Ukraine that could affect food and energy prices, as well as the real estate crisis that is capable of blocking the recovery in China.

Projections for 2024

For next year, when global growth is expected to reach 3.1%, Latin America and the Caribbean will only increase its economy by 2.1%, this is a reduction of 0.3 points compared to what was forecast in October . The IMF notes that this is mainly due to “tighter financial conditions, lower prices for exported commodities, and downward revisions to trading partner growth.”

Source: Larepublica

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