Launching the Economic Survey of Latin America and the Caribbean 2015, the UN’s Economic Commission for Latin America and the Caribbean did forecast growth in both Central America and Mexico (2.8%) and the Caribbean (1.7%).

Across Latin America, Argentina is forecast to grow by 0.7% this year, but there will be contractions in countries including Brazil (-1.5%) and Venezuela (-5.5%), leading to a fall in output across the region. There are in part due to a fall in commodity prices such as metal and agricultural prices, the UN said.

Publishing the report, Alicia Bárcena, executive secretary at the UN’s Economic Commission for Latin America and the Caribbean said: “Revitalizing growth in the short and long term requires boosting public and private investment at a complex time.”