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Mexico will grow 1.9% this year and 0.9 The following corrects the IMF

taken from Day

The correction was made by an "unusually uncertain outlook"

For Latin America has reduced the expectation to 4.5 and 2.5%

prospects growth worsened last month, says

An "unusually uncertain outlook" was on Thursday the International Monetary Fund (IMF) to reduce the expected growth expected in 2008 and 2009. For Mexico, the situation will be more adverse than anticipated by the agency last month. The gross domestic product (GDP) 1.9 percent rebound this year and 0.9 percent next lower rates at 0.1 and 0.9 points respectively, to that provided by the body in the first week of October.

global economy into recession in 2009, said yesterday in letters to the IMF. The current outlook for advanced economies is that the activity will have a negative rate of 0.3 percent next year, an estimated 0.8 points down when the body did in the first week of October. "This be the first annual contraction of the postwar period, "he said yesterday as it released an updated World Economic Outlook (WEO, for its acronym in English).

The downward revisions of projected GDP growth in 2009 are more pronounced in emerging-contained group in Mexico, and developing, which groups countries with lower income and amounts to an adjustment one percentage point.

In the case of Latin America, the International Monetary Fund lowered the growth forecast to 4.5 percent in 2008 and 2.5 percent in 2009, lower rates of 0.1 and 0.7 per cent to under the WEO released on 8 October. In 2006 and 2007 the GDP of the region rose 5.5 and 5.6 percent respectively.

The IMF reports each semester, in April and October, the WEO, a publication containing the growth prospects of 185 countries. Usually you upgrade from one to another month, but is the first time that corrects its forecast just a month after reporting half-yearly projections.

"Global economic activity is slowing quickly," stated yesterday the IMF. He added that growth prospects have worsened over the past month, during which continued its course of debt reduction financial sector and deteriorating confidence of producers and consumers. In this environment, global GDP will be 2.2 percent next year, 0.8 points less than the forecast made in October. Reduced demand

commodity prices weakened

For United States, which Mexico depends on foreign trade and investment, the IMF estimated that GDP will increase 1.4 percent in 2008, but recorded a negative rate of 0.7 percent in 2009.

In the report, while reducing the growth forecast, the IMF warned that the weakening of world demand "Depressing" the prices of raw materials, something interesting to countries like Mexico, whose finances depend on four of every 10 dollars of export earnings from crude oil.

"Because of the profound global slowdown, the strengthening U.S. dollar and the financial crisis, oil prices fell more than 50 percent from their highs, to levels not seen since early 2007." Therefore, the IMF revised down its estimate of oil prices (using the benchmark West Texas Intermediate) for next year, 100 to $ 68 a barrel.

persist numerous concerns about the potential impact of financial crisis on economic activity, he added. In this situation, suggested that "a stronger macroeconomic response could mitigate the damage," so "there is a clear need to expand beyond macroeconomic stimulus than advertised so far to support growth and underpin the recovery of financial sector .