Business News Americas

Tuesday, October 2, 2012
By Ulric Rindebro

The weak global economy and slower growth in Brazil and Argentina will drag down the average GDP growth rate for Latin America and the Caribbean (LAC) this year to 3.2%, the UN Economic Commission for Latin America and the Caribbean (Eclac) said in a new report.

The LAC region saw an expansion of 6% in 2010 and 4.3% last year.

Eclac had forecasted in June that LAC would see growth of 3.7% in 2012.

LAC's economic performance is being hurt by the Eurozone crisis, a sluggish US economy and slower Chinese growth, Eclac's executive secretary Alicia Bárcena told reporters on Tuesday in the Chilean capital Santiago. Bárcena noted that the adverse international situation is impacting LAC mostly in terms of trade, but also through lower remittances from Europe.

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