World Bank Revises Latin America’S 2024 Growth Forecast Upward

2024-10-09 07:00:30

(MENAFN- The Rio Times) The World Bank has revised its economic growth projections for Latin America and the Caribbean (LAC) in 2024. The institution now forecasts regional GDP to expand by 1.6% in 2024.

Growth rates of 2.7% and 2.6% are expected for 2025 and 2026, respectively. These figures show improvement but remain the lowest compared to other regions worldwide.

LAC has demonstrated resilience in recovering from the COVID-19 pandemic. GDP and employment levels have returned to pre-pandemic figures, and poverty rates have fallen below pre-crisis levels.

However, the region faces a complex global environment characterized by weak commodity prices and low growth in major economies.

William Maloney, Chief Economist for Latin America and the Caribbean at the World Bank, stated that the region is "turning the corner" after the pandemic.

He attributed the improved growth projection partly to the recent cycle of interest rate cuts in the region. Maloney emphasized that challenges remain in correcting fiscal imbalances and reducing debt.

World Bank Revises Latin America's 2024 Growth Forecast Upward

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