ECLAC Predicts Slow Growth for Latin America and the Caribbean

Minimal Growth in 2023, Lowered Expectations for 2024

The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has released its latest economic projections, painting a sobering picture for the region. ECLAC predicts minimal growth in 2023, with all subregions experiencing lower growth rates than in 2022.

Key Findings:

• Latin America and the Caribbean's growth is projected at 1.8% for 2023.
• All subregions will experience lower growth than in 2022, with South America facing the most significant slowdown.
• Growth is expected to remain low in 2024, with the region maintaining a dynamic of low growth.
• Guyana has significantly lowered its debt-to-GDP ratio.

ECLAC's report notes that the region's growth trajectory is likely to be impacted by several factors, including geopolitical tensions, rising inflation, and slowing global demand. The report also highlights the importance of structural reforms and social policies to promote sustainable growth in the long term.

The full report is available on the ECLAC website here.