Tuesday, 11 April 2023 16:06

Latin America's GDP to grow 1.4% in 2023: World Bank

Written by Evelyn Alas

The Gross Domestic Product (GDP) of Latin America and the Caribbean will only grow 1.4% in 2023 according to William Maloney, chief economist of the World Bank and explains the challenges facing the region.

Latin America and the Caribbean has shown itself to be relatively resilient in the face of the growing uncertainty affecting the global economy.

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However, over the past two decades, growth rates have remained insufficient to reduce poverty and ease social tensions.

New opportunities in near offshoring and the global shift towards green production and renewable energy could help the region to better integrate with the rest of the world and find paths to sustainable and inclusive growth.

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William Maloney, chief economist for Latin America and the Caribbean, and senior experts discussed in this conversation the new growth opportunities in the global economy and how the region can actively participate to drive inclusive and sustainable development.

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The event, which presented the new regional economic analysis "The Potential for Integration: Opportunities in a Changing Global Economy," aimed to bring together key stakeholders to discuss strategies for overcoming obstacles to greater integration and trade in the world, attracting foreign capital, and leveraging the region's comparative advantages.

 

Translated by: A.M