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Latin America will maintain moderate economic growth during 2026 and 2027, amidst an international landscape marked by heightened risks and uncertainty. According to the Mapfre Economics report “2026 Economic and Sectoral Outlook: Perspectives for the Second Half of the Year”, the region will grow by 1.9% this year and 2.1% next year, rates that, while trailing the dynamism forecast for Asia-Pacific, align with a global scenario of restrained expansion.
The study notes that the global economy continued to grow at a moderate pace during the first half of 2026, while inflation showed signs of a volatile slowdown. However, it warns that current macroeconomic stability relies more on the effective management of existing risks than on a fully consolidated economic equilibrium.
Globally, Mapfre Economics forecasts that the world economy will grow by 3% in 2026 and 3.1% in 2027. It also projects inflation at 3.8% this year and 3.1% next year, within an environment where economic and geopolitical uncertainties persist.
Within Latin America, Argentina is expected to be among the fastest-growing economies. According to the report’s forecasts, the country will record growth of 3% in 2026 and 2.9% in 2027. Colombia will also demonstrate solid performance, with growth rates of 2.6% and 2.5%, respectively. Peru will rank among the region’s most dynamic economies, with estimated growth of 3% in 2026 and 2.8% in 2027. Chile, meanwhile, will record an expansion of 1.9% this year and 2.4% next year.
Brazil, Latin America’s largest economy, will grow by 1.8% in both 2026 and 2027, while Mexico will advance by 1.2% this year and accelerate to 1.8% in 2027, according to projections presented by Mapfre Economics.
The report also compares regional performance with other parts of the world. While Latin America is set to grow by 1.9% and 2.1% over the next two years, Asia-Pacific will maintain a significantly faster pace, with expansions of 4.6% in 2026 and 4.5% in 2027. China, a major economy in that region, will close 2026 with growth of 4.5%.
Regarding the insurance sector, Mapfre Economics believes the industry is entering the 2026–2027 period from a relatively favorable position, supported by resilient economic growth and financial conditions that continue to generate recurring income. However, it warns that heightened geopolitical uncertainty, more erratic inflation, and interest rates remaining high for longer could lead to more pronounced disparities between markets and companies.
Forecasts for the insurance business indicate a positive trend. Non-life premiums are projected to grow by 5.7% in 2026 and 6% in 2027, while life premiums are expected to rise by 5.9% this year and 6.8% next year. According to the report, the ability to manage technical, financial, and operational risks in an integrated manner will be key to maintaining the sector’s profitability and growth in the coming years.
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