International Cepal . The Economic Commission for Latin America and the Caribbean (ECLAC) lowered the region's growth projection for 2011, which went from 4.7% to 4.4%, despite the increase in exports, which for this year is estimated to be 27%.

The plight of the United States and Europe could lead to a slower pace of exports by emerging nations to those regions during 2012. The main message for the region is to act with caution at the macroeconomic level, in order to cushion the impacts of an eventual worsening in the international scenario.

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"The levels of volatility and uncertainty in the world are worrying; global imbalances persist, such as the sovereign debt crisis of several European countries and fiscal uncertainty in the United States, which will have an impact on a weakening of international trade in Latin America," said Alicia Bárcena, ECLAC's executive secretary.

While there is no sign of a global economic recession, there are perceived winds of crisis that will lead to a global slowdown that will affect all countries; the size of the impact will be determined by the room for maneuver of each nation, ECLAC said.