The international organization also adjusted upward the growth forecast for 2025, which would be 2.4%.
He world Bank adjusted the growth forecasts for the economy of Uruguay for 2024, and raised its projection from 2.8% to 3.2% of improvement in the Gross Domestic Product (GDP) during the year that has just begun.
After several downward adjustments during 2023—from the deepening of the effects of the drought history that the country experienced, as well as the consequences of the loss of competitiveness due to the exchange rate and the fall in commodity prices— and an estimated growth of 1.2%; he world Bank published in his report Global economic outlook an upward correction for the growth of the Uruguayan GDP.
In that sense, he estimated that, in 2024, the national economy It will grow by 3.2%, while in 2025 it will grow by 2.6%. The new forecasts imply an improvement compared to what the international organization had projected in June 2023, by 0.4% and 0.2% respectively – on values of 2.8% and 2.4% of GDP.
What is expected for the region?
Regarding the economy of Latin America and the Caribbeanthe growth projected by the world Bank It continues to be lean, with prospects of 2.3% and 2.5% for 2024 and 2025 — in June, the estimate for this year had been the same, while for next year it was 2.6%.
According to the report, “while the lingering effects of previous monetary tightening will continue to influence growth in the near term, its impact is expected to attenuate.” In that sense, and “as the inflation decreases, central banks are expected to lower interest rates rates of interestwhich will reduce obstacles to increased investment.”
On the other hand, external factors and global trends stand out among the risks, with geopolitical tensions in middle East —and its effects on the energy market and the price of Petroleum- and persistent core inflation in advanced countries—which influences monetary politics- as the main obstacles.
Regarding the breakdown for South Americathis year only the Paraguayan economy (3.8%) will grow above that of Uruguay, Although all countries have projected a positive evolution in terms of GDP growth, mainly due to stabilization after the drought: Argentina it would have 2.7%; Peru 2.5%; Chili and Colombia, 1.8%; Bolivia and Brazil, 1.5%; and Ecuador 0.7%.
For 2025, meanwhile, the projection is higher for Paraguay (3.8%), Argentina (3.2%) and Colombia (3%).
Source: Ambito
