The Bank of Spain predicts that Latin America will slow down its economic growth to 1.3% in 2024. Forecasts for the region are lower this year, given the risk of a restrictive policy in the United States and a sharper slowdown in China.
The Spanish central bank also warns of a greater economic disaster in Argentina. However, in the medium term, regional growth prospects stand at 2%. Among the potential economic strengths of Latin America, the region points to the relocation of companies through the so-called nearshoring and friendshoring.