Latin American and Caribbean countries face a complex external scenario characterized by low growth in economic activity and world trade, the UN body warned in a statement.
In addition to the rise in interest rates worldwide, the financial turmoil observed at the beginning of March increased uncertainty and volatility on the financial markets.
Although inflationary pressures have eased, monetary interest rates are expected to remain high throughout 2023 in major advanced economies.
In this context of growing external uncertainties and internal constraints, ECLAC expects the growth slowdown in Latin America and the Caribbean to deepen over the course of 2023, reaching a rate of 1.2 percent, the text reads.
In a preliminary balance sheet published on December 15, the Economic Commission forecast a 1.3 percent increase in GDP for this year.
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