The Latin American Economy
Two thousand and ten saw the Latin American region emerging from the global economic crisis at a faster pace than anticipated. In the International Monetary Fund’s (IMF) recently published World Economic Outlook (www.imf.org/external/pubs/ft/weo/2010/01 /pdf/text.pdf), the organization increased its projection of 2010 GDP growth for the region to a healthy 5.7 percent, up nearly one percentage point from its earlier projection of 4.8 percent growth.
This reflects solid macroeconomic policy fundamentals, sizable policy support, favorable external financing conditions, and strong commodity revenues.
The main economies of the region are growing at fast rates, especially those of Brazil (7.5 percent), Argentina (7.5 percent), and Peru (8.3 percent). The economies of Chile (5.0 percent) and Colombia (4.7 percent) both grew at respectable rates. Mexico will show a significant recovery from its disappointing performance in 2009, with a 5.0 percent growth rate. (Figure 1)
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