Following a 1.9 percent decline in 2009, Latin America and the Caribbean will grow by 6 percent in 2010 thanks to the economic recovery posted by most countries in the region, while Argentina's GDP is expected to have grown 8.4 percent by the end of this year, and 4.8 percent in 2011 according to an annual report launched by UN's ECLAC Commission today.

In the Preliminary Overview of the Economies of Latin America and the Caribbean 2010, presented by Alicia Bárcena, Executive Secretary of this Regional Commission of the United Nations, countercyclical measures adopted by several countries in the wake of the international financial crisis have been shown to have a positive impact on economic growth, which points to a 4.8 percent rise in per capita GDP for this year.

The consolidation of the upturn also had a positive effect on regional employment, with the unemployment rate falling from 8.2 percent in 2009 to around 7.6 percent, while the quality of jobs created also improved.

Meanwhile, inflation edged up slightly from 4.7 percent in 2009 to an estimated 6.2 percent in 2010, mainly due to international prices for some commodities.

Although the growth of the region's countries has been uneven, most recorded positive figures for 2010. South America will grow by 6.6 percent, while GDP is expected to rise by 4.9 percent in Mexico and Central America and by 0.5 percent in English-speaking and Dutch-speaking Caribbean countries.

Paraguay will post the strongest growth (9.7%), followed by Uruguay (9%), Peru (8.6%) and Argentina (8.4%). Brazil will grow by 7.7%, while Mexico and Chile will expand by 5.3%.

In contrast, Haiti and the Bolivarian Republic of Venezuela are expected to see GDP fall by 7 percent and 1.6 percent, respectively.