In the latest World Economic Outlook, the International Monetary Fund (IMF) has adjusted its 2024 economic growth forecasts for Latin America and the Caribbean to 2%, up from 1.9%. Despite this increase, the IMF expects a slowdown in the economies of these regions.

Brazil is expected to see a growth rate of 2.2% in 2024, which is 0.5% higher than previously estimated. On the other hand, Mexico's growth forecast has been revised downwards to 2.4%, 0.3% lower than earlier predictions. Argentina is facing a further decline in GDP growth, with a forecast of -2.8% for 2024.

Brazil's GDP growth is expected to slow down due to fiscal consolidation, tight monetary policy, and reduced contribution from the agricultural sector. Mexico, on the other hand, is facing a slowdown in economic growth due to a decline in manufacturing, although increased government spending is expected to support this year's growth.

Chile, Peru, and Colombia are all expected to see higher GDP growth rates compared to the previous year. Chile's economy is forecasted to grow by 2% after a 0.2% growth in 2023. Peru is expected to grow by 2.5% following a 0.6% decrease last year. Colombia's GDP grew by 1.1% this year compared to 0.6% in 2023.

Central America is projected to see a 3.9% economic growth rate, down from 4.2% in 2023, while the Caribbean can expect a growth of 9.7% this year, up from 8.3% last year.

The World Bank recently adjusted its growth forecasts for Latin America and the Caribbean to 1.6% for this year.