MercoPress. South Atlantic News Agency

Recovery in 2002.

Economic growth in Latinamerica this year will be below 1% but prospects of a strong recovery are expected in 2002, if the US economy rebounds next year.

According to a World Bank report, Latinamerica will grow 0,9%, compared to 3,8% last year and should steam to 2,5% in 2002 and 4,5% in 2003.

The report, "Economic Global Prospects and Developing Countries in 2002" analyses how trade influences growth in developing countries and will be distributed in the coming Qatar meeting next November 9th. "One of the main messages that rich countries could send is the elimination of subsidies and other barriers to agriculture commerce", said Nicholas Stern, World Bank vice-president.

Agriculture subsidies in rich countries amount to 300 billion US dollars annually which "is a fraud for consumers and tax payers in industrialized countries besides seriously harming developing countries", stressed Mr. Stern.

The three leading economies of the region Brazil, Mexico and Argentina are undergoing a strong deceleration of their foreign trade.

The World Bank report also indicates that world trade after a decade of annual above 10% growth will fall to just 1% this year.

The world' economy is forecasted to grow 1,3% this year compared to 3,8% in 2000. Next year 1,6% with a strong 3,9% rebound in 2003.