Last year was a difficult year globally, but 2016 will not be much better for Latin America. Due to enormous political tension, power struggles, soaring inflation and falling currencies and commodities, the region became the worst-performing emerging market in 2015. Unfortunately, the World Bank has projected earlier this month that the region wouldn't grow at all this year.

Latin America has already been dealing with declining economic growth for five straight years. But the slow growth is expected to continue this 2016. So, here are 4 reasons why the region is facing another difficult year this 2016, as listed by CNN Money.

1. Latin America's commodities keep breaking down.

The region's engine of economic growth, which is its commodities, has been falling. As a matter of fact, oil exporters such as Brazil, Mexico, Colombia and Venezuela have been greatly affected as oil prices continue to tumble. And aside from oil, copper and aluminum have also dropped, leaving huge metal exporters Chile and Peru in crisis.

Argentina, one of the world's largest soy exporters, is also dealing with recession as soybean prices fell 18 percent in the last 12 months.  

2. Mexican peso hit an all-time low against the U.S. dollar.

Declining oil prices and the global slowdown have been weighing down the Mexican peso, the most traded emerging market currency. And since Mexico relies on exports to power its economy, low peso rate could pose great risks to the nation's economic growth. In addition, the country is also facing an industrial slowdown, which placed added pressure on its slacking economy.  

3. Brazil's recession keeps getting worse.

The recession in Brazil could deepen even further this year. And due to the widespread corruption scandal at Petrobas, a state-run oil company, the nation is facing a crisis of confidence. To make matters worse, President Dilma Rousseff is facing the possibility of impeachment. And Brazil's stock market is down 6.5 percent.

4. Political power struggle in Venezuela.

Venezuela's economy fell about 10 percent in 2015 and the current political infighting is not helping the nation. While Venezuelans voted for change in December, socialist President Nicolas Maduro has filled the Supreme Court with new justices, igniting concerns over the Supreme Court's duty to uphold any of the new Congress' legislation.

Moreover, Maduro has also appointed a new economic minister earlier this month. The appointment is reportedly part of Maduro's plans to fight any anti-socialist policies that his party has established.

Other reasons for the disappointing and uneven growth in Latin America and internationally also include ISIS' terrorist attacks, massive migration flows, geopolitical tensions, war in Syria and the rise of populism in the United States and Europe, Brookings noted.