WASHINGTON, Oct. 13 (UPI) -- The International Monetary Fund sees bright economic prospects for Latin America next year.
Raghuram Rajan, head of the IMF Research Department, says that after three years of slow growth, "prospects are good for next year with clear signs of recovery."
That, of course, will be based on a better performance of the world economy.
On Mexico, one of the area's main economies, Rajan said the country must continue with reforms, reports Merco Press.
Rajan said prospects for Brazil, the other major economic power, are good after a difficult year.
The same is true for Argentina which last month managed to reschedule $21.6 billion of a multilateral debt until 2006.
All multilateral organizations such as the IMF, World Bank, Interamerican Development Bank, United Nations Committee for Latinamerica are optimistic about the region in 2004. Growth is expected to be between 2,5 to 4%, well above this year's 1 to 1,5%.
