Latin American and Caribbean economies will contract 0.4% on average in 2015 and will grow just 0.2% next year, as a result of the complex external scenario, according to new projections unveiled on Thursday by the UN Latin America and Caribbean Economic commission, ECLAC. Estimates for next year are that Central America will expand 4.6% while South America will again contract 0.8%.
Exports from Latin America and the Caribbean will drop about 14% in 2015 due to a steep decline in prices and weak demand for the region’s main exports from key trading partners, according to a new report from the Inter-American Development Bank (IDB).
The commodities-exporting economies of Latin America will continue expanding in the years ahead, driven by demand from China despite slower growth in its economy, Nobel Prize-winning economist Joseph Stiglitz said during a conference round in Uruguay.