Economic Growth in Latin America in 2024: Which Country Will Lead?

He Economic Outlook of Latin America This year it is subject to analysis and predictions by major international organizations. Estimates by the International Monetary Fund (IMF) and a detailed report by the International Labor Organization (ILO), together with the Economic Commission for Latin America and the Caribbean (ECLAC), outline a situation where growth expectations present significant heterogeneity. Among the countries of the region.

As of October estimate of the IMF, global growth is projected at 2.9% in 2024, a slight decrease of 0.1% compared to the previous year's projections. In this situation, the report issued ILO In December 2023, it not only examines the labor outlook, but also analyzes economic growth for the year, which recently started in Latin America.

Although a reduction in inflation rates has been observed in South America, the report points out. “A widespread and substantial decline in interest rates is unlikely”. Next, we will delve deeper into how the economic situation can be structured in the countries of the region.

Which Latin American country will have the highest economic growth in 2024?

Based on data from ECLAC, the ILO report provides projections for the most developed economies in the region in 2024:

  • Panama: 4.2%
  • Dominican Republic: 4.1%
  • Venezuela: 4.0%
  • Costa Rica: 3.8%
  • Paraguay: 3.8%
  • Honduras: 3,5%
  • Guatemala: 3.4%
  • Uruguay: 3.2%
  • Nicaragua: 2.9%
  • Mexico: 2.5%
  • Peru: 2.4%
  • El Salvador: 2.0%
  • Ecuador: 2.0%
  • Bolivia: 2.0%
  • Chile: 1.9%
  • Colombia: 1.7%
  • Brazil: 1.6%
  • Haiti: 1.0%
  • Argentina: -1.0%

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According to ECLAC data, the study contemplates another ranking led by the Caribbean and Guyana, which showed a growth of 28.9%. In second place is Antigua and Barbuda with 8.2%.

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What is the expected growth in Latin America in 2024?

ECLAC It expects economic growth of 1.8% for Latin America in 2024, while the IMF estimates it to be 2.3%. Both systems outline better economic progress for Central America compared to South America.

If IMF projections come true, Latin America and the Caribbean will reach 7.7% of GDP by the end of 2024, a higher percentage than in 2019 before the Covid-19 pandemic. It should be noted that these predictions are subject to global action; That is, it can be affected by geopolitical issues, war conflicts and volatility of financial markets.

read more: ECLAC revises Latin America's growth prospects for 2023

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