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World Bank Says Latin America, Caribbean Grew at Record Level in 2004

The World Bank says the Latin American and Caribbean region grew nearly six percent in 2004, the strongest growth in 24 years.

In a report released Wednesday, the bank reported several things contributed to the region's growth, including a strong world demand for its exports, high commodity prices and low international interest rates.

The report says growth is expected to be moderate this year, reaching at least 4.3 percent.

The World Bank's chief economist for Latin America and the Caribbean Guillermo Perry says countries in the region should take advantage of what he called the "favorable times" to prepare for the future by being prudent with public social spending, building fiscal supplies and reducing public debt.