The International Monetary Fund (IMF) has updated its economic outlook, offering revised growth projections for Latin American economies.
The recent IMF report indicates anticipated GDP growth for Brazil and Mexico, the region’s dominant economies.
In contrast, Argentina’s economic outlook has experienced a significant downgrade.
The IMF’s updated predictions indicate a 1.9% GDP growth for Latin America in 2023, a slight improvement from the previous forecast of 1.6%.
The region is expected to see further growth in 2024, with a 2.2% expansion, consistent with earlier projections.
The IMF’s updated forecast for Brazil anticipates a GDP growth of 2.1% in 2023, an increase from the previously predicted 0.9%.
In 2024, the growth is expected to be 1.2%, slightly down from the earlier 1.5% estimate.
For Mexico, the GDP growth has been revised to 2.6% for the year 2023, up from 1.8% predicted earlier.
In 2024, the IMF predicts a growth of 1.5%, a minor decrease from the previous estimate.
Argentina, however, is projected to experience a 2.5% contraction in 2023, a notable shift from the previously predicted growth of 0.2%.
However, a recovery is expected in 2024 with a predicted 2.8% growth.
On a global scale, the IMF predicts a 3% worldwide economic growth for both 2023 and 2024, marking a decrease from the previous year but an improvement from earlier forecasts.
The emerging markets are predicted to grow by 4%, while the advanced markets are anticipated to grow by 1.5%.
Looking at global economic powerhouses, the United States is predicted to see 1.8% growth in 2023 and 1% in 2024, while China’s economy is expected to grow 5.3% in 2023 and 5% in 2024.