The Economic Commission for Latin America and the Caribbean (ECLAC) revised its 2017 growth projections for economic activity in the region and foresees an average economic expansion of 1.2% in Latin America and the Caribbean this year, which is slightly above the forecast from last July. A rebound in the region’s economies is expected for 2018, with growth averaging 2.2%, which would be the highest rate since 2013, the United Nations organization stated in a press release dated 13 October 2017.
For the Dominican Republic, ECLAC also forecasts greater GDP growth, increasing from 4.9% forecast for 2017 to 5.1% now forecast for 2018, above the 3.5% average for the Central American region and 1.9% average for the English-speaking Caribbean. Growth for the Dominican Republic would be only second to the 5.4% forecast for Panama that is the most for the Latin American and Caribbean region.
According to ECLAC, the capacity of the region’s countries to generate a more dynamic economic growth process that is sustained over time depends on the willingness and capacity of countries to adopt policies that support investment, which will be fundamental for mitigating the effects of external shocks and averting significant impacts on economic performance in the medium and long term.
In this context, bolstering both public and private investment is essential, along with diversifying the productive sectors to spur value added industries and facilitate greater incorporation of technology and knowledge.
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ECLAC
ECLAC
Listin Diario
16 October 2017
