The Economic Commission for Latin America and the Caribbean (ECLAC) predicts minimal economic growth in the region for 2024, except for Guyana where it projects more than 25%, fuelled mostly by revenue from the oil and gas sector.
The ‘Preliminary Overview of the Economies of Latin America and the Caribbean 2023’ indicates that the region will stay on a path of low growth, which means job creation will decelerate and informality and gender gaps will persist, among other effects. However, Guyana is likely to be spared.
“Latin America and the Caribbean remains on a low-growth path, with an estimated year-on-year variation in GDP of 2.2% in 2023. All the sub regions will post lower growth in 2023 than in 2022: South America is set to grow by 1.5% (3.8% in 2022); the group comprising Central America and Mexico by 3.5% (4.1% in 2022); and the Caribbean (excluding Guyana) by 3.4% (6.4% in 2022),” according to the report released on December 14.