The Economic Commission for Latin America and the Caribbean (ECLAC) said Wednesday that it was maintaining its GDP growth expectations for the region at 2.2 percent in 2018, the same figure as last December.
According to the UN agency, 2018 will see Latin America and the Caribbean enjoy a greater economic stimulus than in 2017, when growth reached just 1.2 percent.
For ECLAC, internal demand will play an important role in this acceleration.
The body said that while this internal demand will remain low overall, greater investment than in past years will boost private consumption, making it a relevant engine of growth.
While its overall prediction was the same as in December 2017, ECLAC showed that different regions will show different rates of evolution.
South American economies will go from the 0.8 percent growth seen in 2017 to 2 percent this year, but this increase will be largely propelled by Brazil reaching 2.2 percent as the largest economy in the region.
Other regional leaders will enjoy a similar acceleration, with Peru set to reach 3.5 percent, Chile 3.3 percent and Colombia 2.6 percent.
However, Central America will enjoy more good news, going from 3.4 percent seen in 2017 to 3.6 percent. Panama will lead Latin America in its rate of growth, with a prediction of 5.6 percent, tailed by the Dominican Republic and Nicaragua at 5 percent.
The English-speaking Caribbean will move on from an anemic 0.1 percent growth in 2017 to hit 1.4 percent this year.
ECLAC noted that its projections for Latin America and the Caribbean are enjoying a more favorable international context than in recent years, despite continuing uncertainty due to protectionist trends, geopolitical risks and a potential financial slowdown.
According to the UN agency, 2018 will see Latin America and the Caribbean enjoy a greater economic stimulus than in 2017, when growth reached just 1.2 percent.
For ECLAC, internal demand will play an important role in this acceleration.
The body said that while this internal demand will remain low overall, greater investment than in past years will boost private consumption, making it a relevant engine of growth.
While its overall prediction was the same as in December 2017, ECLAC showed that different regions will show different rates of evolution.
South American economies will go from the 0.8 percent growth seen in 2017 to 2 percent this year, but this increase will be largely propelled by Brazil reaching 2.2 percent as the largest economy in the region.
Other regional leaders will enjoy a similar acceleration, with Peru set to reach 3.5 percent, Chile 3.3 percent and Colombia 2.6 percent.
However, Central America will enjoy more good news, going from 3.4 percent seen in 2017 to 3.6 percent. Panama will lead Latin America in its rate of growth, with a prediction of 5.6 percent, tailed by the Dominican Republic and Nicaragua at 5 percent.
The English-speaking Caribbean will move on from an anemic 0.1 percent growth in 2017 to hit 1.4 percent this year.
ECLAC noted that its projections for Latin America and the Caribbean are enjoying a more favorable international context than in recent years, despite continuing uncertainty due to protectionist trends, geopolitical risks and a potential financial slowdown.
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