According to October projections International Monetary Fund (IMF), the world economy could grow 2.9% in 2024, 0.1% less than what was outlined for 2023. In this context, the International Labor Organization (ILO) published its report in December 2023, which details the labor outlook, but also analyzes the economic growth of Latin America for this year that has just begun.
The report points out that although a decrease in inflation rates is observed in South America, “it is unlikely that a generalized and significant drop in interest rates will be observed.” Below, we explain in more detail what the economic situation of the countries in the region could be.
Which Latin American country will grow the most economically in 2024?
The report from the International Labor Organization (ILO) presents projections for the economies that will develop the most in 2024, based on data from the Economic Commission for Latin America and the Caribbean (ECLAC).
- Panama: 4.2%
- Dominican Republic: 4.1%
- Venezuela: 4.0%
- Costa Rica: 3.8%
- Paraguay: 3.8%
- Honduras: 3.5%
- Guatemala: 3.4%
- Uruguay: 3.2%
- Nicaragua: 2.9%
- Mexico: 2.5%
- Peru: 2.4%
- El Salvador: 2.0%
- Ecuador: 2.0%
- Bolivia: 2.0%
- Chile: 1.9%
- Colombia: 1.7%
- Brazil: 1.6%
- Haiti: 1.0%
- Argentina: -1.0%
The study contemplates another ranking that only covers the Caribbean and where Guyana leads, projecting a growth of 28.9%, according to ECLAC data. Second place is occupied by Antigua and Barbuda with 8.2%.
How will Latin America’s economy fare in 2024?
ECLAC expects economic growth of 1.8% for Latin America in 2024, while the IMF estimates that it will be 2.3%. The two organizations outline a better economic progression for Central America compared to South America.
If the IMF projections come true, Latin America and the Caribbean would reach the end of 2024 with a GDP of 7.7%, a higher percentage than in 2019, before the COVID-19 pandemic. It should be noted that these projections are subject to global activity; That is, it can be affected by geopolitical issues, war conflicts and the volatility of financial markets.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
