UN Says Latin American & Caribbean Economic Growth to Slow in 2009

by Dave

Latin American Herald Tribune –

Economic growth in Latin America and the Caribbean will fall next year to 1.9 percent from its estimated level of 4.6 percent for 2008, the U.N. Economic Commission for Latin America and the Caribbean said Thursday

In its Preliminary Balance 2008, Santiago-based ECLAC – however – emphasized that 2008 has been the sixth consecutive year of growth for the region, a period during which the labor market indicators also improved and poverty fell.

Almost all the region’s countries gave priority to macroeconomic equilibrium and generated budget surpluses, Alicia Barcena, the ECLAC executive secretary, emphasized upon presenting the document. Barcena said that today the region is better prepared to confront the global economic slowdown, but it is certainly not immune to it.

Looking at individual countries, this year it was Uruguay that led the region’s growth with a rate of 11.5 percent, followed by Peru at 9.4 percent; Panama, 9.2 percent; Argentina, with growth of 6.8 percent; and Ecuador, 6.5 percent and Brazil at 5.9 percent.

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