The Organization for Economic Cooperation and Development released a report today that estimated Latin American economies’ shrinkage between 1.5 and 1.9 percent this year. However, it also states they should grow in 2010.
"Latin America as a whole is showing signs of recovery and stabilization," the Paris-based organization said, "Economic activity is helped by improving conditions in global financial and commodity markets, as well as recovering exports."
Presented during a summit of leaders from Latin America, Spain, Portugal and Andorra, the OECD report said 2010 should see substantial growth in Latin American although considerably less than the average five percent growth rates registered during the 2004-2008 period.
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