The international scenario  The international scenario still shows sound economic growth, with commodity prices at a record high and substantial liquidity. Expansion is nowadays more balanced due to lower US growth, that was offset by a more favorable trend in the euro area, Japan and the emerging countries.
In fact, the world is expected to grow nearly 5 percent by 2007 in a context of subdued inflation. Latin America benefits from a favorable global framework and is expected to increase 4 percent by next year. The region shows a sounder expansion than in previous recovery episodes since, in the past years, macroeconomic discipline has been strengthened.