In 2021, the Gross Domestic Product (GDP) of Latin American and Caribbean countries will expand 6.3%, 0.5 percentage points more than expected in July, the IMF indicated when updating its report on “World Economic Outlook” ( WEO in English).
But Brazil’s economy will grow 5.2% and Mexico’s 6.2%, in both cases 0.1 percentage points less than previously forecast.
By 2022, the economy of Latin America and the Caribbean will grow only 3.0%, 0.2 percentage points less than expected, the IMF noted.
He also anticipated that the expansion of Brazil’s GDP will be lower next year, which it projects at 1.5% (-0.4 percentage points over July), and that of Mexico, 4.0% (-0.2 percentage points).
Latin America and the Caribbean, a region hard hit by Covid-19, suffered a GDP contraction of 7% in 2020.
New economic growth projections are released during the annual meetings of the IMF and the world Bank, which take place this week in Washington in virtual mode due to the pandemic, although some delegations will attend in person for the first time since 2019.
Globally, growth is projected at 5.9%, up from 6% estimated in July, a “marginal” decline, the IMF explained in its update to the quarterly “World Economic Outlook” (WEO) report.
But those figures mask big setbacks in some nations, warned IMF chief economist Gita Gopinath, noting that “the outlook for the group of low-income developing countries has been clouded considerably due to the worsening dynamics of the pandemic.” .
Added to the wave of infections of the Delta variant of SARS-Cov-2 is a markedly lower vaccination rate in developing countries.
About 58% of the population in advanced economies is already fully immunized, compared to 36% in emerging economies and less than 5% in poor countries, underlines the IMF, which publishes its forecasts in the framework of its meetings Annuals with the World Bank this week in Washington.
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