The impact of the crisis on the LAC region was substantial, but the worst is over for most countries, the IMF said in a new Regional Economic Outlook report.

"The crisis shocked the region with more expensive external financing and lower exports, workers' remittances, and tourism receipts. A wave of uncertainty dented confidence, and the private sector cut back spending. But following a sizable contraction through the first half of 2009, the LAC region is recovering and moderate growth is expected for 2010," it went on.

"Still, the outlook varies considerably within the region. Recovery prospects are stronger for countries that had the most room for policy maneuver, which are also benefiting in 2009 from much improved financial conditions and commodity export prices. Countries more reliant on tourism and remittances were not hit as forcefully on impact, but their recovery will be slower because their outlook depends significantly on lagging employment and consumption in the United States. Some of these countries also have less room for policy stimulus," it added.

"To reflect the greatly varying impact of external terms of trade shocks, the IMF split LAC countries into four groups," the report said.

Argentina is included in a second group of net commodity exporting countries along with Bolivia, Ecuador, Paraguay, Suriname, Trinidad and Tobago, and Venezuela. The first one, formed by Brazil and Chile among others, is the group of net commodity exporting countries with full access to international financial markets.