un panel latin america facing recession in 2015
Last Updated : GMT 13:26:10
Arab Today, arab today
Arab Today, arab today

UN panel: Latin America facing recession in 2015

Arab Today, arab today

Arab Today, arab today UN panel: Latin America facing recession in 2015

People queue up outside a supermarket amid shortages in Valencia
Santiago - AFP

Latin America's economies will contract by 0.3 percent this year as a weak global economy, falling commodity prices and China's slowdown continue hammering emerging markets, a UN panel forecast Monday.

The slowdown will hit hardest in ailing regional powerhouse Brazil, which is facing a contraction of 2.8 percent, and in crisis-hit oil giant Venezuela, which is on track for a 6.7-percent contraction, predicted the Economic Commission for Latin America and the Caribbean (ECLAC).

The commission revised down its 2015 regional outlook from a July forecast of 0.5-percent growth, which was already on track to be the region's slowest economic expansion in six years.

It forecast a return to growth of 0.7 percent in 2016.

A strong US dollar and weak internal demand are also hurting Latin America's economies, ECLAC said, urging policy makers to seek to kick-start investment.

"Energizing investment is a fundamental task to change the current deceleration phase as well as to achieve a path of sustained and sustainable growth in the long term," it said in a statement.

The slowdown will be worst in South America, whose economies rely heavily on commodities, especially exports to China, ECLAC said.

South America will contract about 1.3 percent in 2015 and 0.1 in 2016, it predicted.

Mexico and Central America, which benefit from closer ties to a rebounding United States, will grow 2.6 percent in 2015 and 2.9 percent in 2016. Caribbean economies will grow around 1.6 percent this year and 1.8 percent next year, it forecast.

The figures are the latest confirmation of the end of Latin America's so-called "golden decade" of commodities-fueled growth.

A contraction of 0.3 percent in 2015 would be the region's worst year since 2009, when Latin American economies contracted 1.3 percent at the height of the global economic crisis.

The bad news comes as Latin America is in the spotlight this week as the International Monetary Fund and World Bank hold their annual meetings in the Peruvian capital Lima.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

un panel latin america facing recession in 2015 un panel latin america facing recession in 2015

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

un panel latin america facing recession in 2015 un panel latin america facing recession in 2015

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday