IMF: Growth Outlook Weakens in Much of Latin America
With the global economy still struggling, many countries in Latin America and the Caribbean are facing a harsher world than they did just a few years ago, the International Monetary Fund said on Friday.
The growth outlook is weaker in advanced and emerging economies alike, while the gradual slowdown and rebalancing of economic activity in China is likely to keep commodity prices lower for longer, according to the Western Hemisphere Regional Economic Outlook released on Wednesday by the IMF.
“Economic activity in Latin America and the Caribbean has been revised downward, compared with our January update and it’s likely to contract for a second year in a row for 2016. Basically, we are projecting an average rate of growth of -0.5 percent for this year,” said Alejandro Werner, Director of the IMF’s Western Hemisphere Department.