IMF economists also expect the region as
a whole to enjoy growth of 1.6% in 2017.
“Confidence appears to have bottomed out
in Brazil, and growth is forecast at -3.3% for 2016 and 0.5% in 2017, on the
assumption of declining political and policy uncertainty and the waning effects
of past economic shocks,” the IMF said. The report projects further
deterioration in petroleum-rich Venezuela, where gross domestic product
declined 6.2% last year and is on course to fall another 10% in 2016 “as the
decline in oil prices since mid-2014 has exacerbated domestic macroeconomic
imbalances and balance of payments pressures.” More…
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