2024-05-11 22:09:59
The Economic Commission for Latin America and the Caribbean (ECLAC) has revised slightly upward the economic growth projections for the region in 2024. According to the new estimates, an average growth of 2.1% is expected, with significant variations between subregions .
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South America would register growth of 1.6%, Central America and Mexico of 2.7%, and the Caribbean (excluding Guyana) of 2.8%. However, this growth remains in line with the trend of low economic growth observed in previous years, posing challenges for more dynamic and inclusive growth in the region.
In this context, it stands out that Venezuela and Bolivia could surpass Colombia in economic growth this year. According to ECLAC projections, Venezuela would register a growth of 4.0%, while Bolivia would reach 1.9%. Colombia, for its part, would be located in the penultimate place in South America, with an estimated growth of 1.3%.
ECLAC has emphasized that the low growth projected for 2024 reflects a drop in the trend growth rate of regional GDP. Furthermore, it points out that the region faces a development crisis characterized by traps of low growth, high inequality and low social mobility, as well as low institutional capacity and ineffective governance.
To boost economic growth, ECLAC insists on the need to increase productivity and investment in physical and human capital. This involves adopting new technologies, promoting entrepreneurial initiatives, improving capital accumulation and leveraging the social and environmental capital of economies.
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Likewise, ECLAC identifies key sectors for more sustainable and inclusive growth, such as infrastructure, telecommunications, digitalization, research and development, health and education. In this sense, it highlights the importance of investing in critical areas to increase productivity and adapt to ongoing technological and labor changes.