ECLAC: Caribbean and Latin America Expected To Grow By 1.7 Percent in 2019
BUENOS AIRES — The economy the Caribbean and Latin America will grow 1.7 percent in 2019, a dip from the previous estimate of 1.8 percent, the Economic Commission for Latin America and the Caribbean (ECLAC) said in its final economic report of the year.
Next year’s growth will be driven mostly by an economic rebound in Brazil, said ECLAC, the United Nations’ regional arm. The region’s economy would grow by 1.2 percent in 2018, also trimmed from the 1.3 percent predicted in October.
ECLAC said developed countries and emerging markets in the region will experience less dynamic growth in the coming years against the backdrop of international market volatility and trade war tensions between the United States and China.
The gross domestic product (GDP) of Brazil, the main economy of the bloc, will increase by 2.0 percent in 2019, beating the 1.3 percent growth predicted for this year.
Mexico’s GDP is expected to increase 2.1 percent next year, while Argentina’s economy will contract 1.8 percent, less than the 2.6 percent drop expected in 2018.
Venezuela’s GDP would register a 10 percent contraction in 2019 and 15 percent contraction this year.