The IMF insisted on "the dramatic collapse" of business activity in Venezuela

Washington.- The International Monetary Fund (IMF) slashed Latin American economic growth forecasts on Monday to 1.6% in 2018 and 2.6% in 2019, four and two tenths lower, respectively , which was calculated in April, due to slower growth in Argentina, Brazil and Mexico.

"Lower estimates reflect more difficult prospects for major economies, due to tighter financial conditions and political consolidation (Argentina), the continuing effects of strikes and political uncertainty (Brazil), and the trade tensions and uncertainty over the renegotiation of trade and the agenda of the new government (Mexico), "said the IMF.

Recalculations from the Fund's Global Economic Outlook reduced Brazil's growth from five tenths in 2018 to 1.8% and left it unchanged for 2019 at 2.5%, while this year they maintained Mexico's growth in 2.3% and the next in three-tenths to 2.7%, reported Efe.

The financial institution headed by Christine Lagarde recently approved a financial assistance program with Argentina worth $ 50 billion and three years to help stabilize the company. The Argentine economy after a sharp depreciation of the peso.

The Fund insisted on "the dramatic collapse" of economic activity in Venezuela, and stressed that domestic oil production has been "sharply reduced".