He world Bank has adjusted its projections on economic growth in Latin America, anticipating an expansion of the Gross Domestic Product (GDP) of 1.6% for this year, followed by 2.7% in 2025 and 2.6% in 2026. These Figures represent a decrease compared to previous estimates, especially for 2024, which has been revised downwards by 0.7% compared to what was forecast in January.
This adjustment is mainly attributed to the severe economic contraction that Argentina will face. In his statement, the world Bank He highlighted that medium-term growth rates for the region are the lowest internationally and noted that they are “insufficient to boost prosperity.” Argentina would have a drop of -2.8% in its GDPwhile Peru and Brazil will have growth of 2.7% and 1.7%, respectively.
Which country in South America will have the highest GDP growth in 2024?
Uruguay will have a growth of 3.2% in its GDP during 2024, according to the world Bank. By 2025, it would grow 2.6%. Below we show you the complete list of South America for the years mentioned.
GDP growth in South America during 2024
- Argentina: -2.8%
- Bolivia: 1.4%
- Brazil: 1.7%
- Chile: 2.0%
- Colombia: 1.3%
- Ecuador: 0.7%
- Peru: 2.7%
- Uruguay: 3.2%
GDP growth in South America during 2026
- Argentina: 5.0%
- Bolivia: 1.5%
- Brazil: 2.2%
- Chile: 2.2%
- Colombia: 3.2%
- Ecuador: 1.7%
- Peru: 2.4%
- Uruguay: 2.6%
Uruguay’s economy meets fiscal goals for the fourth consecutive year and increases employment
In February, the Minister of Economy of Uruguay, Azucena Arbeleche, carried out the annual review of fiscal results and macroeconomic projections for the current year. During his speech, Arbeleche expressed an optimistic tone, highlighting the achievement of key objectives such as the revitalization of the economy, the generation of employment, the maintenance of real wages, the reduction of taxes and the organization of fiscal accounts, under the administration of the President Luis Lacalle Pou.
When comparing current economic activity with that of 2019, the last period of management of the Frente Amplio, the minister indicated that in 2023 a growth of 3.6% was recorded. Likewise, both exports of goods and services and investments in public and private infrastructure showed an upward trend in relation to that year.
In terms of employment, Arbeleche highlighted that during the year 2023, approximately 37,000 people found employment, with a total of 76,100 more workers employed compared to the period between 2019 and 2023. In contrast, during the Frente Amplio government 56,600 were lost. jobs. This improvement in the labor market was accompanied by a 2% increase in real wages compared to the pre-pandemic level, according to official data.
Another highlight was the close of inflation in 2023, which stood at 5.1%, more than three percentage points below 2019 levels. This significant decrease contributed to a 0.5% increase in salary real and a growth of 3.7% in household consumption.
Source: Larepublica
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