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United Nations: Latin America Economy to Grow 2.7 percent in 2014

By: PanAm Post Staff - Apr 30, 2014, 8:57 am

EspañolOn Tuesday, the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has published a report forecasting a 2.7 percent growth in the economy of the region. This estimate is lower than what was reported last December, when ECLAC believed Latin America would grow by 3.2 percent this year.

According to the report, this decline is “marked by uncertainty and lower expectations for the largest economies in the region, Brazil, and Mexico, which will grow 2.3 and 3.0 percent in 2014, respectively.”

The report also notes that “the recovery of the United States will have a positive impact on the closest economies, especially Mexico and Central America, because of their importance as trading partners.” Furthermore, Panama, Bolivia, Peru, Ecuador, Nicaragua and Dominican Republic are expected to benefit from at least a 5 percent growth.

With respect to South America, Argentina is expected to register a weak growth rate of 1 percent after taking measures earlier this year “of a contractive nature, to address the imbalances that have emerged in recent years.” As for Venezuela, the commission expects a 0.5 percent negative growth, due to the country’s “complex economic situation.”

Source: Finanzas Digital.