Institute of International
Finance, Inc. (IIF) (1)
March 23, 2003
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slight declines of output in both 2001 and 2002, Latin America is now
experiencing a moderate recovery. Policies are improving in a number of
countries and there are signs of stronger growth in many countries, with the
exception of Venezuela. The outcome will depend heavily on the external
environment and whether political conditions remain supportive of policy
discipline in an environment of continuing relatively low growth.
global conditions improve in the second half of the year and investor confidence
strengthens, the recovery should gather momentum. Excluding Venezuela, we
project real GDP growth in the region to increase to 2.4 percent this year and
exceed 3 percent in 2004...
1 The Institute
of International Finance, Inc. (IIF), is the world’s only global association of
financial institutions. Created in 1983 in response to the international debt
crisis, the IIF has evolved to meet the changing needs of the financial
community. Members include most of the world’s largest commercial banks and
investment banks, as well as a growing number of insurance companies and
investment management firms.
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March 24, 2003