CEPAL reduces Argentina growth expectation to 1%
The United Nations Economic Commission for Latin America and the Caribbean (CEPAL) has sharply reduced its estimates for economic growth in Argentina for 2014, cutting forecasts from 4.5 to 1 percent for the nation.
Regional growth estimations for 2014 were reduced on the whole in Latin America from an original 3.2 percent to 2.7.
While regional key economies like Brazil and Mexico are expected to grow between a rate of 2.3 percent and 3 percent respectably, the UN linked organization estimated a one percent increase in Argentina’s Gross Domestic Product, or GDP.
According the CELAC, the country undertook measures that would have a decelerative effect on the Argentine economy, "to confront the economic imbalances initiated during the last years".
Despite the revised prediction for Argentina, the entity foresees a positive outlook for Mexico and other Latin American countries, following economic recovery in the United States.