UN: Caribbean and Latin America to grow in 2013

<p>The Caribbean and Latin America economies are set to grow next year.</p>

The United Nations has stated that the Caribbean and Latin America will both see their economies expand in 2013.

According to the body's Economic Commission for Latin America and the Caribbean (Eclac), both regions will grow by four per cent next year, however the outlook for what remains of 2012 has been revised down on account of the financial pressures put upon the global community due to financial issues in the US and eurozone, in addition to China's slowdown.

As such, Latin America and the Caribbean will grow by 3.2 per cent this year, which is lower than the previous Eclac estimate of 3.7 per cent.

The region's two largest economies – Argentina and Brazil – will expand by two per cent and 1.6 per cent in 2012, while in 2013 Latin American and Caribbean growth will near 2011 levels of 4.3 per cent.

Executive secretary for the commission Alicia Barcena commented: "The global economic outlook remains uncertain for next year."

At close last night (October 2nd), the Bovespa index in Sao Paulo, Brazil, was lower by 0.5 per cent to 59222 points.

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