Mexicoone of the main economies in Latin America, will grow 2.1% this year (three tenths less than estimated last July) and 1.2% next year, a percentage that has not changed, according to the perspectives of the International Monetary Fund (IMF).
For your part Brazilanother economic power on the continent, will grow 2.8% this year, 1.1 points more than estimated in July, while in 2023 its growth will slow down to 1% (one tenth less than previously forecast).
Latin American countries will suffer in 2023
Latin America will resist this year the strong global impact of the war of Ukraine and the last throes of the pandemicand will grow by 3.5%, above the global average, although in 2023 the region will be dragged down by bad data from its trading partnersaccording to the International Monetary Fund (IMF).
The agency published this Tuesday its latest report on the World Economic Outlookin which he revises the growth projections he made last April, and improves those of Latin America by half a point, up to that 3.5% (3 tenths more than the world as a whole), although it lowers that of next year by three tenths, to 1.7%.
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The best result this year will be possible thanks to the favorable prices of raw materialsthe still good conditions of external financing and the normalization of activities in “intensive contact sectors”, such as hostelry and the feedingwhich at the time were the most affected by the pandemic.
However, growth in the region is expected to slow later this year and into 2023, as growth in partner countries weakens, financial conditions tighten and commodity prices weaken.
Thus, the economy in Latin America and the Caribbean will grow on average only 1.7% in 2023, half of what was expected for this year and far from the 6.9% reached in 2021.
Grim outlook for the US, China and the European continent
And it is that the IMF draws a gloomy picture for the main commercial partners of the region: the United States, China and Europe. Thus, it lowers the growth forecasts for the North American country seven tenths to 1.6% and maintains the figure for the coming one at 1%.
China will grow less than expected, 3.2% this year –a figure that represents a sharp slowdown compared to the 8.1% reached in 2021– and 4.4% in 2023.
The euro zone, for its part, will grow 3.1% in 2022 (half a point more than forecast in July) but will collapse to 0.5% next year (seven tenths less than previously estimated).
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EFE International news agency based in Madrid and present in more than 110 countries.