It’s been a brutal year for Latin America.
Barring a major last-minute rally, 2015 will be the worst year for the region since the global recession in 2009 when the economy in the region shrank 1.2%.
And Latin America is arguably the worst performer this year among all developing regions too — including Southeast Asia, the Middle East, sub-Saharan Africa and eastern Europe.
All those regions are expected to grow this year while Latin America’s economy shrinks 0.2%, according to the IMF’s estimates.
The region’s troubles are largely driven by blunders of Brazil, the largest Latin American economy and one that’s deep in a recession.