The May surveys of expectations conducted by Central Banks in the region indicate that the simple average of growth expectations in 2020 decreased by 2.2 percentage points from -2.3% to -4.5% and the simple average of inflation expectations decreased by 0.2 percentage points from 3.7% to 3.5% with respect to April’s surveys. This decrease reflects the updating of expectations based on the Covid-19 crisis in the region. 

In the case of expectations for 2021, the May surveys indicate that the simple average of growth expectations increased by 0.2 percentage points from 3.4% to 3.6% and the simple average of inflation expectations increased by 0.1 percentage points from 4.0% to 4.1% with respect to April’s surveys. The only country where growth expectations decreased was Uruguay.