The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) said in a report that the region's economy likely grew a faster-than-expected 6.2% in 2021, hiking its estimate from a previous level of 5.9%, reported Reuters.

Latin America, a diverse region spanning from Mexico to Brazil and Argentina in the south as well as the resource-rich Andean nations of Chile and Peru, is facing a new wave of COVID-19 while governments look to taper pandemic spending.

Many regional economies are heavily driven by commodities including grains such as soy, corn and wheat, meat exports and metals such as copper and iron. Many of those saw sharp price rises over the last year, boosting economic growth.