The International Monetary Fund (IMF) expects the Latin American economy to grow by 1.9% in 2023, which represents an improvement of three tenths compared to the last projections of the agency published last April.
This upward revision of the growth outlook for the region last July is due to stronger growth than expected in some large countries, such as Brazil or Mexico, whose economies have been boosted by the agricultural sector or the services sector.
However, this increase in Latin America’s gross domestic product (GDP) is much lower than that registered by the region in 2022, when it was 3.9%. The year-on-year reduction is due to the recent moderation of rapid growth recorded in 2022 due to the post-pandemic reopening as well as lower commodity prices.
Meanwhile, for 2024, the IMF estimates that the Latin American economy will grow by 2.2%, the same figure it calculated last April. It was on that occasion that he improved the forecast for 2024 by two tenths.
Latin America will thus be one of the regions that grows the least in both 2023 and 2024 within the group of emerging markets and developing economies.
However, at the global level, it will have a better economic performance than the Eurozone, whose GDP will increase by 0.9% in 2023, or that of the United States, which will grow by 1.8%.
