The Economic Commission for Latin America and the Caribbean (ECLAC) says the economic difficulties faced by Europe, the United States and China are having an impact on growth in Latin America and the Caribbean. In the Economic Survey of Latin America and the Caribbean 2012 Report, launched on 2 October in Santiago, Chile, the agency says that private consumption has been the main driver of regional growth, thanks to the growth in labor markets, increased credit and remittances.
“The economic performance of Latin America and the Caribbean in 2012 and 2013 is largely subject to the form taken by adjustment processes in developed countries, as well as the slowdown in China. It will also be dependent on the region’s own response capacity”, stated Alicia Barcena, executive secretary of ECLAC, as she presented the document.
The report describes measures adopted by governments in the face of international economic difficulties in the period 2008-2012, and concludes that most countries now have the fiscal room for maneuver to react with anti-cyclical policies to stabilize the patterns of employment, investment and growth.
According to ECLAC estimates for 2012, growth will be led by Panama (with GDP growth of 9.5%), followed by Haiti (6.0%) and Peru (5.9%). Bolivia, Chile, Costa Rica, Nicaragua and Venezuela will grow by 5.0% this year, while Mexico will expand by 4.0%. In terms of sub-regions, the Caribbean will grow by 1.6%, Central America by 4.4% and South America by 2.8%.
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