Regions Growth Expected To Slow In 2024

ECLAC Releases Updated Economic Forecasts for Latin America and the Caribbean

Region's Growth Expected to Slow in 2024

Key Findings from ECLAC's Latest Report

The Economic Commission for Latin America and the Caribbean (ECLAC) has released its latest economic forecasts for the region, making a slight upward revision to its previous projections.

According to ECLAC, the region's Gross Domestic Product (GDP) is now expected to grow by 1.5% in 2024, down from an earlier projection of 2.1%. This downward revision reflects concerns about the global economic outlook and its potential impact on the region.

Other Key Findings from ECLAC's Report

* Foreign direct investment in Latin America and the Caribbean fell by 5.9% in 2023, although the amount received is still above pre-pandemic levels. * The number of employed persons in the region is estimated to have grown by 1.4% in 2023, indicating a modest improvement in the labor market. * ECLAC estimates that the region will remain in a state of economic stagnation in the medium term, with growth rates below 2%.

Sources

* [ECLAC website](https://www.cepal.org/) * [UN News](https://news.un.org/en/story/2023/11/1162012)