Latin America’s economy will expand on average by 1.7% this year compared to 2022, according to the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).
“By 2023, a regional gross domestic product (GDP) growth of 1.7% is expected,” ECLAC said in its annual report titled “Economic Survey of Latin America and the Caribbean 2023.”
“South America should grow by 1.2%; Central America and Mexico by 3%; and the Caribbean by 4.2%. By 2024, the agency projected that the entire region will register an increase in its economy of 1.5%: South America will do so by 1.2%; Central America and Mexico by 2.1%; and the Caribbean by 2.8%,” ECLAC explained.
ECLAC warned that low economic growth will go hand in hand with a slowdown in employment growth, estimating that the rate will expand by 1.9% in 2023 and only 1.1% in 2024.
“It is very likely that the quality of jobs will also fall with more vulnerable workers, lower levels of social protection, and workers hired in less productive sectors,” ECLAC said.
