The organization also projects a growth of 2.2% in 2025 for Brazil. Regarding Mexico, after a GDP increase of 3.2% in 2023, the IMF reduces its forecasts: seven-tenths for 2024 (1.5%) and three-tenths for 2025 (1.3%), due to weakening internal demand and stricter monetary and fiscal policies.
As for the rest of the countries in the region, encouraging figures are anticipated. Venezuela is expected to grow by 3% this year and the next, following a 4% increase in 2023. For its part, Peru, which had a decrease of -0.6% in 2023, is projected to grow by +3% in 2024 and 2.6% in 2025. On the other hand, Paraguay leads the forecasts with a growth of 3.8% in 2024, although this represents a slowdown compared to 4.7% in 2023.
Colombia and Chile also have good growth prospects according to the report. Colombia will go from a growth of 0.6% in 2023 to a forecast of 1.6% in 2024 and 2.5% in 2025. Meanwhile, in Chile, an advance of 2.5% is expected this year and 2.4% the next, compared to 0.2% in 2023.
In assessing the region, the Deputy Director of the IMF's Research Department, Petya Koeva Brooks, highlighted that, excluding specific cases such as Argentina and Venezuela, growth forecasts have improved due to increased private consumption and investment in some countries.
The IMF also pointed out that inflation in the region, which was 14.8% in 2023, is expected to rise to 16.8% this year and decrease to 8.5% in 2025. Globally, the IMF maintained its growth forecasts for 2024 and 2025 at 3.2%, although it reduced the outlook for 2025 by one-tenth.
