A report entitled the “Regional Economic Update – Latin America and the Caribbean, October 2013” issued by the International Monetary Fund is predicting that the Caribbean will continue to experience hard times for the distant future.
The report outlined that growth in Latin America and the Caribbean continues to be low signifying a less supportive external environment with some cases having domestic supply side constraints.
Output for the region is expected to expand by 2.3 to 4 percent in 2013 with domestic demand the main driver. Growth rate is expected to inch up to 3 percent next year as external demand strengthens gradually, but will remain below the average growth rate of the last decade, the IMF report stated.
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