The International Monetary Fund (IMF) reduced Latin America and the Caribbean’s economic growth by 0.6 percentage points to 2.4%. For the two largest economies, Mexico and Brazil, growth was cut by 1.2 percentage points each to 2.8% and 0.3%, respectively.
Reasons for the reduced growth include inflation, tighter monetary policy, reduced U.S. growth and moderation in commodity prices.
Argentina is seen growing 3.0% this year and 2.5% in 2023, both are 0.5-percentage-point increases from the October estimate.
For 2023, the IMF sees Latin America and the Caribbean growing at a 2.6% rate, with Brazil growing 1.6% and Mexico’s economy expanding 2.7%.
