According to the Economic Survey of Latin America and the Caribbean 2015, published by the Economic Commission for Latin America and the Caribbean (ECLAC), the Dominican Republic will experience above average regional expansion with a projected annual growth rate of 4.8%. Regional leaders are Panama with 6% increase, followed by Antigua and Barbuda with 5.4% and the DR and Nicaragua, both with 4.8%. Mexico’s Gross Domestic Product (GDP) will grow 2.4% while Argentina’s will rise 0.7%. Brazil will experience a contraction of -1.5% while Venezuela will face an even greater decline of -5.5%. The average growth for the countries in Latin America and the Caribbean is 0.5% in 2015, according to new projections released on 29 July 2015 by ECLAC during a press conference in Santiago, Chile.
ECLAC reported that the economic slowdown in the region is due to external and domestic factors. In the external arena, the global economy’s slow growth during 2015 stands out, particularly the deceleration of China and other emerging economies, with the exception of India. The report indicates that global trade will remain stagnant as part of what has become a structural problem in the global economy. There has been a slowdown in the external demand for goods as well as downward trend of prices for basic products. Finally, ECLAC notes that there is greater volatility and uncertainty in international financial markets.
Although the deceleration is a generalized phenomenon in the region, the organization forecasts heterogeneous growth among sub-regions and countries: South America will contract -0.4%, Central America and Mexico will grow 2.8%, while the Caribbean will expand 1.7%.
Upon presenting its most recent annual report, the Economic Commission for Latin America and the Caribbean (ECLAC) called for the revitalizing of investment in the competitive capacities of Latin American economies so that growth and improve productivity can be achieved throughout the region.
http://www.cepal.org/en/pressreleases/latin-america-and-caribbean-will-grow-just-05-2015
http://www.cepal.org/en/node/33006
http://www.cepal.org/en/pressreleases/latin-america-and-caribbean-will-grow-just-05-2015
http://www.cepal.org/en/presentations/economic-survey-latin-america-and-caribbean-2015