The U.N.'s Economic Commission for Latin America and the Caribbean is projecting a 0.8 percent slide in the region's economy this year. That's a bit worse than last year's 0.5 percent dip.

The worst performers are expected to include Venezuela, with an 8 percent contraction, and Brazil, down 3.5 percent.

The report released Tuesday says South American economies overall will likely shrink by 2.1 percent due to eroding terms of trade and reduced internal and global demand.

Central America is expected to see 3.8 percent growth, partly due to growing internal demand and increased remittances from abroad. The Caribbean is projected to see a 0.3 percent slip.

Top performers are expected to be the Dominican Republic with 6 percent growth and Panama, rising by 5.9 percent.