World economic growth will pick up steadily to 3.5% in 2013, supported by lower risk aversion in response to the measures taken by central banks, in particular the ECB.
Latin America will grow by 3% in 2012 and 3.7% in 2013, boosted by domestic demand and commodity prices. Brazil should finally have taken off in the third quarter
Monetary policy is being maintained on hold, although it will face growing dilemmas caused by increased pressure on inflation.
The challenges for the region are concentrated in the external environment: they arise from how a possible crisis in Europe or the fiscal adjustment measures in the U.S. are handled, and also from the increasing use of macroprudential measures to control global liquidity.