The Economic Commission for Latin America and the Caribbean (ECLAC) announced on Tuesday its new growth estimates for this year for the region, where it noted a reduction from 2.4%, projected by the end of 2024, to 2 percent .
Under the new projections, Mexico and Central America will be among the regions hardest hit in terms of growth this year, dropping from 1.8 percent to just 1.0 percent . Another region where growth slowed was the Caribbean, which went from a projected growth of 2.3 percent to 1.8 percent .
According to ECLAC, the region is facing a highly uncertain international scenario due to the tariffs imposed by the United States, which have not only directly affected the region’s exports but have also caused greater volatility in international financial markets .
Furthermore, the so-called trade war has increased the risk of serious disruptions in global production chains and international trade flows, leading to a downward revision of global growth prospects .
Finally, ECLAC noted that if the region wants to boost its growth, it requires a combination of macroeconomic and productive development policies, increasing investment in physical and human capital. Therefore, the region must not only invest more, but also invest better .
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