A fitful recovery

Growth in most Latin American economies should strengthen in 2020, but we expect that these recoveries will be slow and fragile. Indeed, the region is likely to be the worst performing part of the emerging world again this year. Inflation will probably rise across much of Latin America, meaning that monetary easing cycles in most countries are at or near an end. That said, with the exception of Mexico, our interest rate forecasts are generally lower than most analysts are expecting.