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Latin America will enter recession in 2009, predicts IMF

Latest update : 2009-03-26

The International Monetary Fund's director for the Western Hemisphere, Nicolas Eyzaguirre, predicted that average economic growth in Latin America will be in slightly negative territory in 2009, dampening earlier forecasts.

AFP - Latin America's economy will suffer negative growth this year as the region is buffeted by the global economic downturn, a top International Monetary Fund official said Wednesday.
   
The IMF's director for the Western Hemisphere Nicolas Eyzaguirre said he expects the average country in Latin America to be "in negative territory" in 2009, "but not that much."
   
In January the IMF projected that the region's economies would expand 1.1 percent this year, followed by three percent growth in 2010.
   
Eyzaguirre said today's more negative outlook would still pale compared to losses projected in the big three economic regions: the United States, Europe and Japan.
   
The IMF has predicted that the global economy will slow this year, having projected a 0.5 percent rise in global gross domestic product, the lowest level since World War II.
   
Eyzaguirre warned Latin American financial institutions could suffer continued capital losses, describing the situation as "delicate."
 

Date created : 2009-03-26

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