August 4, 2022 | By Colin O. Jarrett |
The International Monetary Fund, IMF says the economies of Latin Americas and the Caribbean have continued their strong post-pandemic rebound.
However, the winds are shifting as global financial conditions tighten, commodity prices reverse upward and inflationary pressures persist.
The Washington-based financial institution said the reopening of contact intensive sectors, especially hospitality and travel, the unwinding of pandemic pent-up demand and still favourable external financial conditions// supported a solid expansion.
This happened in the first half of the year, allowing services to catch up with manufacturing and employment to reach pre-pandemic levels. The bank said year-on-year growth reached 2.8% in the first quarter compared to an average of 1.7% in the year preceding the pandemic.
There were reports of high frequency indicators which point to continued momentum in the second quarter.