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Friday, 15 December 2023 04:50

Latin America and the Caribbean continue with low growth trend according to ECLAC

Written by Miguel Crespin
Latin America and the Caribbean continue with low growth trend according to ECLAC Courtesy

The Economic Commission for Latin America and the Caribbean (ECLAC) has delivered its latest economic report for this year, in which it states that Latin America and the Caribbean will grow 2.2% in 2023 and 1.9% in 2024, which implies a slowdown in regional growth with respect to the levels observed in 2022.

By 2024, meanwhile, the region is expected to maintain the low growth dynamic and all sub-regions will grow less than in 2023: South America will grow by 1.4%; Central America and Mexico, by 2.7%; and the Caribbean, by 2.6%.

The report indicates that El Salvador specifically, will only grow its gross domestic product by a total of 2.0% in 2024. This report was presented by the Executive Secretary of the United Nations regional commission, José Manuel Salazar-Xirinachs,

Salazar said that, in order to get out of the low growth trap, "it is necessary to scale up productive development policies with a focus on dynamic strategic sectors, promote policies to encourage public and private investment, and adapt the financing framework to boost resource mobilization”.

 

Translated by: A.M

Published in Economy
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