Americas: Economic overview
Latin America’s weak economy will continue to restrict upstream investment in several countries.
The International Monetary Fund (IMF) has slashed its 2017 and 2018 GDP growth forecasts for Latin America and the Caribbean, partly as a result of the deteriorating political situation in Venezuela. The IMF expects the region’s economy to grow by 1% year on year in 2017 and 1.9% in 2018, lower than its previous forecasts of 1.1% and 2% respectively. The agency has also noted that political uncertainty in Brazil will result in the country’s economic recovery remaining subdued in 2018.