Author: David Ordaz
A few days ago Economic Commission for Latin America and the Caribbean (ECLAC) published its latest report on economic growth and development, which shows that at the end of 2023 the growth rate The region’s GDP will increase by 2.1%a figure that represents a decline from the previous year’s results but exceeds the growth expected for 2024.
In their words: Advance Balance Sheet for the Economies of Latin America and the Caribbean, 2023ECLAC points out that Latin American economies grew in 2023, but are doing so at a diminishing rate as the region is in a clear slowdown due to “low momentum in economic growth and global trade,” causing it to receive limited boost from the global economy.
For Jose Manuel Salazar-XirinachsExecutive Secretary of ECLAC, said that to avoid this low-growth trend, Latin American countries must “scale up productive development policies, with particular attention to dynamic strategic sectors, promote policies to encourage public and private investment and adapt the structure financing to improve resource mobilization“
For ECLAC, the group consisting of Central America and Mexico grew by 3.5% and South America by 1.5%, and is expected to grow by 2024 Central America and Mexico grew 2.7%. and South America will increase by 1.4% of GDP. The list is topped by Panama (6.1%), Costa Rica (4.9%), Paraguay (4.5%), Mexico (3.6%) and Guatemala (3.4%), while Argentina has the worst performance ( -2.5%) and Haiti. (-1.8%).
After pandemic, rising interest rates and slowing global growth have left a large number of countries in debt. Moreover, global initiatives to address vulnerabilities have been insufficient and make it difficult recovery of many developing economies (like Mexico) setbacks suffered over the past four years.
Latin America is no stranger to geopolitical change and has managed to overcome the crisis caused by war between Russia and Ukrainemainly due to slowing supply chains.
One of the strategies in the region is being developed by ECLAC and the Development Bank of Latin America (CAF), which are currently working on monitoring Sustainable Development Goals and the 2030 Agendafocused on combating climate change.
CAF’s mission is to promote sustainable development and regional integration by financing public and private sector projects, providing technical cooperation and other specialized services, and becoming a major source of financing. multilateral financingdue to the fact that it includes 21 countries and 13 private banks.
From my side, The World Bank respect for latin america rates 2.4% in 2024 and 2025low enough to make significant progress in poverty reduction.
For William MaloneyWorld Bank chief economist for Latin America and the Caribbean, “countries must find Ways to get noticed and take advantage of relocation trends “close.”
Moving today or coastal installationtogether with the green economy offer great opportunities as current projected economic growth will not be enough to fight poverty.
Source: Aristegui Noticias
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
