Forbes | 7/21/2009 12:00:00 AM
Economies Contract in Latin America
Jul 21--International recession expected to cause further GDP contraction and increased unemployment.
ECLAC points out that the four engines of the region's expansion over the six years--exports of goods, tourism, remittances and foreign direct investment--have gradually succumbed to the international recession. Over the whole year, ECLAC anticipates that, out of the region's six largest economies--Argentina, Brazil, Chile, Colombia, Mexico and Peru--three will experience a contraction, led by Mexico (-7%). The exceptions are Peru, for which ECLAC forecasts an expansion of 2% this year (down from 9.8% in 2008), Argentina (1.5%) and Colombia (0.6%).
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