He World Bank (WB) warned about the “stagnation” in the growth of the economies of Latin America and the Caribbean after the pandemic, despite the fact that the majority of countries achieved “significant progress” in terms of economic stabilization during recent decades.
This Wednesday, the chief economist for Latin America and the Caribbean, William Maloneypresented a report warning that the region is at a “critical juncture” in terms of growth, a problem that “undermines progress” and requires applying “urgent measures” to reverse it.
According to the WB, the regional Gross Domestic Product (GDP) will expand by 1.6% this year, and growth of 2.7% and 2.6% is expected for 2026 and 2027, respectively. In the global comparison, these rates are placed as the lowest among the other regions and are insufficient to drive prosperity.
Likewise, the multinational organization explained that many households in Latin America are “under economic pressure”, as social transfers are decreasing and most salaries have not recovered the purchasing power of the pre-pandemic.
The World Bank expects Uruguay to grow 3.2% in 2024
At the local level, the WB hopes that the Uruguay grow by 3.2% this year, and to do so by 2.6% in 2025 and also in 2026. The country’s growth last year was only 0.4%, mainly due to the historical drought that devastated the agricultural sector.
Recently, the former president of the Republic, José Mujicaassured that Uruguay “it is not going anywhere” with annual growth in the order of 1% or 2% and that it should grow steadily “at least 4% for several years.” Along the same lines, the former Minister of Economy and Finance, Isaac Alfienoted in February that the Uruguayan economy should grow “at more than double the speed.”
At the level of Mercosurit is expected that the Argentina fall 2.8% this year, which Brazil grow by 1.7%, which Paraguay 3.8% does it, and that Boliviaa new member of the South American bloc, does so by 1.4%.
Source: Ambito
