The World Bank is estimating that Gross Domestic Product in Latin America & The Caribbean will grow by 1.4% in 2023, a lower-than-expected rate.
Growth rates of 2.4% are expected for 2024 and 2025.
A new World Bank report, "The Promise of Integration, Opportunities in a Changing Global Economy", says this growth is too low to make significant progress in poverty reduction.
Carlos Felipe Jaramillo, World Bank Vice-President for Latin America and the Caribbean, says the region has largely recovered from the pandemic crisis, but unfortunately is back to the low growth levels of the previous decade.
He says countries need to urgently accelerate inclusive growth, so everyone benefits from development.
Mr Jaramillo says this will require maintaining macroeconomic stability and taking advantage of the opportunities offered by trade integration.