The International Monetary Fund (IMF) says Latin America and the Caribbean (LAC) region has showed “quite a bit of resilience” and that the rebound from the coronavirus (COVID-19) pandemic has been stronger than previously expected.
“We see resilience partly as a result of countries progress in strengthening their macroeconomic frameworks. With most economies now operating near potential, however, activity in the region has been generally moderating in recent quarters,” Rodrigo Valdes, the director of the IMF’s Western Hemisphere Department told reporters at the bank’s annual Regional Economic Outlook Press Briefing for the Western Hemisphere.
He said on a positive side, labour markets have remained pretty resilient, with unemployment still at historical low levels almost everywhere.
“With an external environment that, at least in the trade side, is weakening and the effect of monetary policy tightening to bring down inflation in the region and those effects still materializing.
“We expect growth in Latin America and in the Caribbean to moderate further this year. Slowing from 2.3 per cent that the region grew in 2023 to two per cent this year.”
Source-CMC
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