El Universal reported that the United Nations Economic Commission for Latin America and the Caribbean has lowered its estimate of economic growth in the region to 3.7% in 2012, after having projected an economic growth of about 4%, due to an adverse external environment.

Due to the adjustment, ECLAC estimates that Venezuela will record a 3% GDP, whereas in previous reports it has projected a 3.5% growth.

ECLAC forecasts that Chile will have a 4.2% growth; Colombia (4.5%) and Peru (5%). Brazil will rebound to 3.5% and Mexico's GDP will be 3.3%.

In its preliminary overview, ECLAC stated as part of the principal challenges for Latin America and the Caribbean to prepare for an eventual deterioration of the international situation, taking into account the possibility of sudden changes in the external situation and the delay in the impact of macroeconomic policies.

ECLAC added that many countries grew more in 2011 than in 2010, as a result of innumerable factors, such as the recovery from natural disasters in the case of Chile and Haiti and the high prices of hydrocarbons, which favored countries such as Venezuela and Ecuador.

(Sourced from www.eluniversal.com)