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According to a recent International Monetary Fund (IMF) Global Economic Outlook report, Latin America and the Caribbean will see a modest growth of just 1.6% in 2023, two tenths less than previously estimated.
The IMF forecast not only moves away from the 4 percent growth recorded in 2022, but also warns that the region will continue to face high inflation, despite the fact that it is expected that international prices back off.
“2022 was the year when commodity prices started to rise and then began to decline, and they are expected to fall even more in 2023,” he told IMF research director Pierre-Olivier Gurinchas.
The IMF says that aggressive interest rate hikes by many central banks to curb inflation have given “some boost” to the region as governments begin to cancel some of the bailout programs they enacted during the pandemic.
When JobThe IMF spokesman assures that “we are already seeing levels above those before the pandemic.”
Despite what was stated above, the IMF indicates that inflationary pressures will remain high in many countries, especially in Argentina, where the agency forecasts inflation of more than 98% for 2023, or in Venezuela, where it is expected to reach 400%.
How much will each country’s economy grow?
Main economy region will experience very modest growth throughout 2023, in line with the global economic outlook.
This is the case of Mexico, which will grow by 1.8% in 2023 after registering a 3.1% increase in its gross domestic product (GDP) in 2022.
In 2024, this figure will drop further to 1.6%. inflation it will rise from 6.3% this year to 3.9% next year.
Chile, for its part, is the only Latin American country to enter a recession, according to the IMF, which is projecting a loss of one percentage point of GDP this year.
According to forecasts, in 2024 the country will recover and grow by 1.9%. By that time inflation it will remain at 4% after falling to 7.9% this year.
Colombia will see very moderate growth of 1% in 2023 and 1.9% in 2024. Inflation will rise this year to 10.9%, but next year it will fall to 5.2%.
Finally, Brazil, one of the first countries to start raising interest rates to stop the inflationary spiral, will see its GDP grow by just 0.9% this year, with inflation falling to 5%.
By 2024, the country will grow by 1.5% and maintain inflation by 4.8%, according to agency forecasts.
(According to the EFE agency).
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.