The Economic Commission for Latin America and the Caribbean (ECLAC) ranked Venezuela as having the second best growth projection in the region. Venezuela came second only to Guyana in the latest economic projection report released by the ECLAC.
The UN’s regional agency, in its report released on Tuesday, August 23, stated that the projection of economic growth in Venezuela had doubled to 10% (from 5%) since April. Guyana held the first place with a projected 52% economic growth.
La #CEPAL dio a conocer hoy su informe anual #EstudioEconómico de #AméricaLatina y el #Caribe 2022, en el cual proyecta un crecimiento económico para el presente año de 2,7% promedio, en un contexto de fuertes restricciones macroeconómicas.
Toda la info▶️https://t.co/cjrxap0Gci pic.twitter.com/xKRDlK5Rkw
— CEPAL (@cepal_onu) August 23, 2022
The economies expected to grow the most this year are Guyana at 52%, Venezuela at 10%, Panama at 7%, Colombia at 6.5%, Dominican Republic at 5.3%; Uruguay at 4.5%, Guatemala at 4%, Honduras at 3.8%, Bolivia at 3.5%, and Argentina at 3.5%.
The countries that appear after this first tier are Costa Rica at 3.3%, Cuba at 3%, Nicaragua at 3%, Ecuador at 2.7%, Peru at 2.5%, and El Salvador at 2.5%.
Finally, the countries with the least projected growth for 2022 are Mexico at 1.9%, Chile at 1.9%, Brazil at 1.6%, Paraguay at 0.2% and Haiti at —0.2%.
The economic growth for the entire Latin American and the Caribbean region has been projected at 2.7%. For Latin America, this figure is 2.6%, while for the Caribbean, it will be 10.5%, or 4.7% excluding Guyana. The lowest economic growth of 2022 in the regoin has been projected for Central America and Mexico, at 2.5%, with the largest economy of the region, Mexico, forecast to grow by only 1.9%.
The UN agency added that the economic slowdown in the region, already generated by the pandemic, has been deepened by the effects of the conflict in Ukraine and the growing constraints faced by domestic macroeconomic policies attempting to promote growth.
The ECLAC also concluded that the entire region will return to the low growth it had seen before the start of the pandemic.
Earlier, on Monday, August 22, Calixto Ortega Sánchez, president of the Central Bank of Venezuela (BCV), announced that in the first quarter of this year the private sector of Venezuela experienced an economic growth of 17.04%.
Ortega also added that the Venezuelan economy has registered double-digit growth in four consecutive quarters, including the second quarter of 2022.
