The International Monetary Fund (IMF) has updated its projections for the Latin American and Caribbean economies, predicting a 2.1% growth rate for the year. The revision is slightly higher than the previous July forecast, particularly benefiting from changes in the region’s two largest economies.
In a significant revision, Brazil’s growth forecast for 2024 saw a remarkable increase from 2.1% to 3.0%. This adjustment mirrors robust private consumption and investment driven by a healthy labor market and government transfers. Meanwhile, Mexico’s economy was downgraded to a 1.5% growth forecast due to weak domestic demand.
Among major economies, Argentina is set to face a contraction this year, with a staggering decline of 3.5%. However, the IMF anticipates a strong 5.0% rebound in 2025. Overall, the region is expected to maintain stable growth from last year’s 2.2% rate, accelerating to 2.5% in 2025.
(With inputs from agencies.)
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Publish date : 2024-10-22 02:35:00
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