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Food prices are displayed at a market in Rio de Janeiro, Brazil, April 8, 2022. /Reuters
Economic growth in Latin America (LatAm) and the Caribbean will reach a higher-than-expected 3.2 percent this year, before halving in 2023, a UN body forecast on Wednesday.
The 2022 figure was better than the 2.7 percent forecast by the UN Economic Commission for Latin America and the Caribbean (ECLAC) in August, and higher than its 1.8 percent prediction in April.
But next year, growth will slow to 1.4 percent due to "an unfavorable international context," with "forecasts for a deceleration in both global growth and trade, higher interest rates and less global liquidity," the ECLAC said in a statement.
In 2021, the region's gross domestic product grew by 6.2 percent.
Earlier this month, the International Monetary Fund also lifted its growth estimate for Latin America and the Caribbean this year to 3.5 percent, up from its July forecast of 3 percent.
It warned that inflation continues to be a concern across developed and emerging markets.
The fund sees consumer prices ending the year up 14.6 percent in Latin America and the Caribbean, and expects that rate to slow to 9.5 percent next year.
(With input from AFP, Reuters)
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