Latin America and Caribbean economies recovering well says World Bank

The World Bank says Latin American and Caribbean countries have emerged well from the global crisis when compared with its own past performance and the pace of recovery in other regions.



In its latest report titled the: “Global Economic Prospects 2011,” the World Bank says the region’s Gross Domestic Product (GDP) is estimated to have expanded 5.7 per cent in 2010. This is following a contraction by 2.2 per cent in 2009.



The bank says this is similar to the average growth recorded during 2004 to 2007 when Caribbean and Latin American Countries experienced an economic boom.



However, it forecasts that the region’s growth will slow to about 4 per cent in 2011 and 2012, because of a weaker external environment caused by growth in advanced economies.