The World Bank pointed out that the economies of Latin America and the Caribbean are on the way to recovery, after the COVID-19 crisis. This growth will occur, despite the consequences of the pandemic.
The agency pointed out that, after a rebound of 6.9% in 2021, the region’s Gross Domestic Product (GDP) is expected to grow 2.3% this year 2022, and an additional 2.2% in 2023. With This will ensure that most countries reverse the losses in GDP, which originated from the pandemic.
“However, these modest projections place regional growth among the lowest in the world at a time when the region faces great uncertainties, such as the possible appearance of new variants of the coronavirus, an increase in inflationary pressure and the war in Europe, that threatens the global recovery. In fact, the regional growth forecast was revised downwards by 0.4% after the Russian invasion of Ukraine.
The World Bank added that Ecuador’s GDP has a tendency to grow 2.8% by the end of 2022. However, it mentioned that the goal of the public and private sectors is to grow by 4%. In addition, he indicated that by 2023 an increase of 3.1% is expected. And for the year 2024, an increase of 2.9% is predicted.
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