3.9 LATIN AMERICA

According to the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), the GDP growth rate forecast for the entire Latin American region was a solid 3.2% in 2022. But it is expected to slow down to 1.4% in 2023. ECLAC pointed out that the Ukrainian crisis has affected global economic growth in 2022 and has also hurt external demand in the Latin American region, increasing inflationary pressure and volatility.