Latin American, Caribbean economies to grow 1.2% in 2023 -ECLAC

The region's economies, ECLAC said in a statement, face a complex external scenario this year, marked by weak growth in economic activity and global trade, while interest rates should remain at high levels despite slowing inflation. Brazil, Latin America's top economy, will likely grow 0.8% this year, the commission said, while No. 2 economy Mexico is seen expanding 1.5%.

Economies in Latin America and the Caribbean are expected to post a combined growth of 1.2% in 2023, the United Nations economic commission for the region (ECLAC) said on Thursday, slightly reducing its previous forecast of 1.3%. The region's economies, ECLAC said in a statement, face a complex external scenario this year, marked by weak growth in economic activity and global trade, while interest rates should remain at high levels despite slowing inflation.

Brazil, Latin America's top economy, will likely grow 0.8% this year, the commission said, while No. 2 economy Mexico is seen expanding 1.5%. Gross domestic product is seen slipping in Chile and Argentina by 0.3% and 2%, respectively.

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