Latin America and the Caribbean: ECLAC Raises Growth Forecast for 2024
Regional GDP Expected to Grow 3.7% in 2023, 1.5% in 2024
Key Points
- ECLAC's revised forecast for 2024 growth is slightly higher than previous estimates.
- Regional GDP is expected to grow 3.7% in 2023 and 1.5% in 2024.
- Employment is projected to increase 1.4% in 2023.
The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has released updated economic projections for the region. According to the report, regional Gross Domestic Product (GDP) is expected to grow 3.7% in 2023 and 1.5% in 2024.
This represents a slight upward revision from ECLAC's previous forecast of 3.3% growth for 2023 and 1.3% for 2024.
The improvement is attributed to stronger-than-expected economic activity in the first half of 2023, particularly in South America.
ECLAC also estimates that the number of employed persons in the region will have grown 1.4% in 2023, with the unemployment rate remaining stable at around 7.2%.
Despite the positive outlook, ECLAC warns that the region's economic recovery remains fragile and faces significant uncertainties, including the ongoing war in Ukraine, rising global inflation, and tightening financial conditions.
ECLAC's report provides a valuable assessment of the economic outlook for Latin America and the Caribbean, and offers actionable insights for policymakers and businesses operating in the region.
For more information, please refer to ECLAC's website at https://www.cepal.org/
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