Asunción, Agencia IP.- In a year-end report, the Economic Commission for Latin America (ECLAC) has identified Paraguay as the South American country experiencing the highest economic growth in 2023, coupled with optimistic projections for 2024.
According to the «Preliminary Balance of the Economies of Latin America and the Caribbean,» Paraguay is set to close the year with an impressive 4.5% increase in Gross Domestic Product (GDP). This places Paraguay ahead of other South American nations, with Venezuela and Brazil following closely behind, each expecting a growth rate of 3%.
Looking ahead to 2024, Paraguay is positioned among the countries with the most promising growth prospects in the region, anticipating a GDP growth of 3.8%. While Venezuela takes the lead with a projected growth of 4%, Paraguay’s forecast underscores its continued economic vitality.
Contrastingly, ECLAC forecasts a challenging economic landscape for some neighboring countries. For instance, Argentina is expected to contract -1 % following a -2.5% decline in the current year. Brazil, which experienced a 3% growth, is projected to scale back to a 1.6% increase in the coming year. On the other hand, Bolivia is set to close the year with a 2.2% growth and anticipates a 2% increase in GDP for the upcoming year.
The United Nations Commission’s report highlights the overall economic challenges the entire Latin American region faces, characterized by sluggish growth and an externally uninspiring sector. Additionally, a deceleration in the job market is anticipated, with an estimated 1.4% increase in employment by the end of this year. This marks a decline from the 5.4% growth recorded in 2022 and stands higher than the 1% employment increase projected for 2024. The report underscores the complex economic landscape that countries in the region are navigating, with Paraguay standing out as a beacon of robust financial performance.
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