The United Nations has revised down its growth prospects for Latin America amidst lower commodity prices and persistent domestic fragilities. The region is expected to grow by only 0.5% in 2015 and by 1.7% in 2016, according to the World Economic Situation and Prospects as of mid-2015 disclosed on Tuesday.
In 2016, global growth is forecast to improve to 3.1 per cent, which is still well below the precrisis pace.
"Venezuela is falling into a deeper recession, while Brazil and Argentina are expected to experience slight contractions," according to the report.
"South America's commodity exporters, particularly oil exporters, have experienced significant changes in the terms of trade and thus on their external accounts, in addition to weaker investment prospects," the report highlighted.
El Universal