• Costa Rica Real Estate

Latin American economic growth just 0.5 percent this year, says UN

July 29, 2015

SANTIAGO, Chile – The economy of Latin America and the Caribbean will grow just 0.5 percent this year, half the previous forecast and the lowest level in six years, the United Nations said Wednesday.

This is due mainly to major economic contractions expected in Brazil and Venezuela, said the Economic Commission for Latin America and the Caribbean, a U.N. agency based in Chile.

Those declines are forecast at 1.5 percent and 5.5 percent, respectively. Brazil has the region’s largest economy.

The average growth level for the countries of the region is the worst since a 1.3 percent decline in 2009.

An external factor fueling the stagnation in Latin America and the Caribbean is slow world economic growth in 2015, in particular in China and other emerging economies, except for India, the report said.

This global sluggishness has sapped prices for commodities, which are the engine for economic growth in Latin America and the Caribbean, the report added.

At home, a drop in investment along with slower growth in consumption are among factors reducing domestic demand.

The U.N. agency said the regional deceleration will have the greatest impact on the countries of South America, which will suffer a contraction of 0.4 percent.

Central America and Mexico will grow 2.8 percent and the Caribbean will see its output rise by 1.7 percent.

Read ECLAC’s briefing paper here

Facebook Comments

You may be interested

Costa Rica named as Mexico & Central America’s Leading Destination
Costa Rica
269 views
Costa Rica
269 views

Costa Rica named as Mexico & Central America’s Leading Destination

Alejandro Zúñiga - July 18, 2019

Costa Rica was named "Mexico & Central America's Leading Destination" at the 2019 World Travel Awards Latin America. Considered the…

TBT: History of the discovery and conquest of Costa Rica
Throwback Thursday
595 views
Throwback Thursday
595 views

TBT: History of the discovery and conquest of Costa Rica

Alejandro Zúñiga - July 18, 2019

For a unique look into Costa Rica's past, you can't do much better than the 1913 book, "History of the…

‘A vision that demonstrates the capacity of Costa Rica’: New law will ban styrofoam
Costa Rica
466 views
Costa Rica
466 views

‘A vision that demonstrates the capacity of Costa Rica’: New law will ban styrofoam

Alejandro Zúñiga - July 17, 2019

Costa Rica's road to decarbonization and improved ecological sustainability took a significant leap forward as the country passed a law…

Do NOT follow this link or you will be banned from the site!