E.C.L.A.C. revises down Latin America outlook

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A United Nations body said on Thursday it revised down its forecast for 2003 economic growth in Latin America and the Caribbean to 1.5 percent from a previous outlook of 1.5 percent to 2.0 percent, due to sluggish economic recoveries in the United States and Europe.

The Santiago-based Economic Commission for Latin America and the Caribbean (ECLAC) said regional gross domestic product per capita would not grow at all this year, remaining 2 percent lower than it was in 1997, adding up to "six lost years for the region."

"The flattening of regional growth seen for this year is due to the lack of dynamism in the international economy and the lack of internal forces for reactivation," the commission said in a statement.

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