SANTIAGO, Oct. 8 (Xinhua) -- Economic growth in Latin America in the first half of 2013 was weaker than forecast, according to an International Monetary Fund (IMF) report released Tuesday.
Output in Latin America is estimated to grow 2.75 percent in 2013 and 3 percent in 2014, lower than the agency's April forecast, the IMF said in its World Economic Outlook report in October.
Economic activities have been held back by infrastructure bottlenecks, lower commodity prices and policy tightening in the region, according to the agency.
Less supportive financial conditions have also dampened growth, said the IMF.
Adjusting exchange rates to changing economic realities will help in part to offset the effects of tighter financial conditions, the IMF said, adding that gradual fiscal consolidation should continue.
In most of the financially integrated economies in the region, such as Chile, Colombia, Peru and Uruguay, growth is expected to stay at sustainable levels, thanks to strong wage growth and low unemployment, it said.