The economy of Latin America and the Caribbean would grow by 0,5% in 2019, well below the previous estimate, affected by weak performances in Brazil and Mexico, ECLAC reported on Wednesday (31.07.2019).
In its report, the Economic Commission for Latin America and the Caribbean revised downwards the projections for 15 of the 20 countries in the region, while maintaining those for the rest.
"The above shows the general deterioration suffered by the economies of the region. However, this shows great heterogeneity when evaluating the specific performance of the countries," says the document.
In April, the UN agency had projected a regional economic expansion of 1,3%.
The Gross Domestic Product (GDP) of Brazil, the bloc's largest economy, is expected to rise by 0,8 percent in 2019, while that of Mexico would rise by 1,0%.
The economy of Argentina would contract by 1,8 percent, while that of Venezuela would plummet by 23%.
Colombia would record an expansion of 3,2%, Peru of 3,1% and Chile 2,8%, according to ECLAC.
With information from Reuters
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