Thursday, 26 January 2023 18:00

World Bank projects regional economy to grow 1.3% in 2023

Written by Evelyn Alas

The World Bank explained that after a 6.9% rebound in 2021, the regional economy grew 3.6% in 2022 and is expected to grow 1.3% in 2023.

According to the october 2022 Regional Economic Analysis indicates that in order to consolidate the recovery, promote growth and reduce poverty and inequality, countries in the region must continue to invest in social programs and infrastructure.

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In addition, the multilateral indicates that making these investments in times of fiscal tightness, such as the current one, poses challenges that are difficult to solve. But it is possible to obtain the necessary resources only by improving the efficiency of public spending.

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In fact, the report highlights that countries in the region could save up to 4% of their gross domestic product (GDP) by improving the efficiency of their public spending.

However, a full recovery is still pending by 2023, which would allow them to achieve the goal of moving towards fairer and more inclusive societies.

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World Bank Vice President Felipe Jaramillo explained that he is confident that the future will be better and that the region can work together to seize the opportunity to rethink its development trajectory and implement innovative policies to generate opportunities for all.


Translated by: A.M