Latin America’s exchange traded funds (ETFs) were hit hard today, and its fastest economic expansion in 30 years might be coming to an end.

The global credit crunch has been stunting investment and dampening demand for the region’s commodities, say Joshua Goodman and Sebastian Boyd for Bloomberg. Growth in the region for 2009 could be cut to less than 3.3%, from 4.6% this year.

Brazil’s 2009 growth is forecast to be 3.6%, a cut from the projected 4% two months ago. Mexico may grow 2.6% next year.

The news hit Latin America’s ETFs hard, and several declined by as much as 12% in trading today.