Latin America Economic Forecast

Economic Snapshot for Latin America

August 10, 2022

GDP growth will slow in 2022

Regional growth will lose steam in 2022, on the back of much tighter monetary policy, high inflation and weaker growth abroad. However, recovering tourism flows and the fading impact of the pandemic will provide support, and high commodity prices in H1 bode well for exports. Further currency outflows and sociopolitical unrest are risks.

Inflation to remain high in 2022

Comprehensive data shows that regional inflation rose to 15.6% in June from 14.9% in May. Weaker currencies and de-anchored expectations in some countries will keep inflation in the double digits this year, despite higher interest rates and government subsidies. FX depreciation, extreme weather events, volatile commodity prices and potential extra subsidies pose risks.

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