Projection 2024 for Latin America and the Caribbean

Latin America and the Caribbean is expected to close 2024 with a larger current account deficit after a slight improvement seen in 2023. By 2024, the current account in Latin America and the Caribbean is expected to deteriorate slightly led by a deterioration in the balance of income and services compensated by an increase in capital inflows. However, a slight expansion in exports is anticipated while imports should remain depressed given slowing economic activity and moderation in domestic demand in the region. Latent risks persist linked to the volatility of both commodity prices, including food, and exchange rates, as well as the greater and persistent impact of climate change that could affect agricultural production in the region.