Arab Today, arab today un panel latin america facing recession in 2015
Last Updated : GMT 20:17:33
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.

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*

Arab Today, arab today un panel latin america facing recession in 2015 Arab Today, arab today un panel latin america facing recession in 2015

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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