The economic slow down in Latin America and the Caribbean is set to be the major topic today, when the Annual Meeting of the Board of Governors of the International Monetary Fund, IMF, and the World Bank kicks off in Lima, Peru.
This as the much anticipated semi-annual report of the Chief Economist for the region, Augusto de la Torre, will be launched at the event.
Analysts predict that regional economic growth will be no higher than zero-percent this year down from a 1-percent last year.
They say the gloomy outlook is already having an impact on the labour market in the region and has hurt job creation, increased unemployment and reduced real wages.
The forum will also pay particular attention to the risk that the current economic slowdown may have on the region’s historic social progress in recent years.
Finance Minister, Dr. Peter Phillips is in attendance at the meeting and will hold bi-lateral meetings with representatives of the World Bank and the IMF.