CARACAS, Nov 24 (AFP): The Inter-American Development Bank predicted yesterday a sharp downturn for Latin America in 2009 with lower revenues and rising unemployment, and said it would redirect six billion dollars to finance production.
"Latin America faces a crisis that is very different from those of the past," said IDB Vice President Santiago Levy at a meeting in Santo Domingo. "We face a period of stagnation in global growth, at least throughout 2009 and possibly through the first quarter of 2010."
According to the official, job creation "will practically stop," with a consequent rise in informal occupations.
Faced with these expectations, the Bank decided to redirect six billion dollars earmarked for other assistance operations to stimulate regional productivity.
IDB warns of severe LatAm recession in 2009
FE Team | Published: November 25, 2008 00:00:00 | Updated: February 01, 2018 00:00:00
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