Photo via Viajes con Escalas

In a report updating its economic forecast for 2017, the International Monetary Fund (IMF) warned that it has “lowered its expectations” Argentina’s short-term recovery from the global recession.

The report, called World Economic Outlook, points out that economic “activity was weaker than expected in some Latin American countries currently in recession, such as Argentina and Brazil.”

“In Latin America, the growth downgrade reflects to an important extent more muted expectations of short-term recovery in Argentina and Brazil following weaker-than-expected growth outturns in the second half of 2016, tighter financial conditions and increased headwinds from U.S.-related uncertainty in Mexico, and continued deterioration in Venezuela,” the report adds.

The IMF’s report contrasts with the outlook it published for 2017 only three months ago. In October of last year, the previous outlook highlighted the “measures taken to correct macroeconomic imbalances and micro economic distortions,” despite the “mild recession in 2016” and had estimated the country’s GDP would grow by 2.7 percent this year. The newest report didn’t publish updated figures, but considering its analysis, it’s almost certain that the rate of growth will be smaller.

As for the economy on a global level, the fund predicted it will grow by 3.4 percent, and that Latin America as a sub-continent will do so at a slower than expected rate. According to the report, the region will grow by 1.2 percent in 2017 — 0.4 percent less than what it had estimated last October — and 2.1 percent in 2018.