A senior official at the World Bank said on Monday he sees Latin America's regional economy bound for more than 5 percent growth this year, compared with the bank's latest official projection of an expansion of 4.7 percent.
Strong global demand for raw materials from Latin America and a recovery of business investment in the region, are driving growth after three years of economic stagnation, Guillermo Perry, chief economist for Latin America at the World Bank, told Reuters. "The last official estimate (for Latin America's 2004 economic growth) is 4.7 percent, but it is very probable that Latin America will be above 5.0 percent," he said. Perry projected Latin America's regional economy would grow between 4 percent 4.5 percent in 2005.
"There could be some slowing down, because commodities prices could be lower and interest rates higher," Perry said.
"Also, the recovery in some countries will not see a repeat," Perry said, referring to strong growth in Venezuela and Argentina, after severe economic crises.
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