After a year full of crisis and trials, Latin America is expected to rise again in terms of economy for the year 2016.

Forbes noted that Latin American economist Ricardo Aceves has expressed hope for the economy in the region for this year.

He explained that the slowing growth in South America for the past years contracted in 2015 as a result of the recession in Venezuela, contraction in Brazil and the output drop in Ecuador.

"This year, the region is likely to see a gradual return to growth. I'd estimate that that Latin America's economy will expand by a timid 0.3% in 2016," Aceves noted.

He also claimed that the improvement in the economy will be aided by the stabilisation of the prices of commodities and strengthened recovery efforts from the countries.

It was also noted in the Forbes report that this year promises positive development in specific countries like Colombia, which is already working on a peace agreement with rebel groups. In Argentina, President Mauricio Macri is also exploring his options to build better relationships with creditors.

Meanwhile, Caribbean News said that an expected 0.2 percent growth is expected in Latin America this year based from the projections of the Economic Commission for Latin America and the Caribbean (ECLAC).

Along with the report, the said commission has once again encouraged countries to invest more to be able to attain growth in the entire region.

South American nations should also not expect this year to be an easy one for their economies. Caribbean News said there will be challenges and risks for the countries as they aim to make their economies grow.

The Forbes report also recognised these risks, noting that Latin American countries need to have "fiscal austerity measures."

However, Nation News stated that the economy in the region may still contract this year, and then return to normal growth come 2017.

It said that the International Monetary Fund (IMF) has noted that the global growth is still weak and that there are still risks for emerging markets, even if there is already positive growth in some countries.

The IMF has also underscored that the contraction rate this year will be smaller compared to that in 2015.

"This reflects the recession in Brazil and other countries in economic distress," the IMF added.

On the other hand, Brookings said the beginning of this year will be a crucial period for some countries in South America, like Argentina, with its new president, along with Bolivia, where constitutional change is possible.