World Bank places Paraguay with the highest growth in the region

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In its latest Growth Outlook report for Latin America and the Caribbean (LAC), available since October 4, the World Bank (WB) maintained its estimate from the previous quarter for Paraguay, with a forecast that it will grow by 4. 8% by the end of 2023. The report has a cut-off date of September 22, and the score maintained compared to the previous information stands out, when the organization cut the growth projection for Paraguay from 5.2% to 4.8% for this year. While the expansion for 2024 showed a forecast of 4%.

The outlook for growth or increase in gross domestic product (GDP) for Latin America and the Caribbean is that it will grow by 2.0% in 2023, slightly above the 1.4% previously projected, but still below all other regions of the world. When observing the document it is found that Paraguay will be the one with the greatest growth in the region, since for the other economies, the forecast does not even reach 3%, leaving Brazil in second place with 2.6%, Bolivia in third place with an expansion of 1.9% and Uruguay and Uruguay in fourth place. Colombia with 1.5%, respectively. They are followed by Ecuador with a projection of 1.3%, Peru with 0.8% with slight growth, while Chile’s economy surprises with a contraction of -0.4% and Argentina which foresees -2.5%. already pointing to improvements from 2024.

Based on these perspectives, the multilateral organization carried out an analysis in which it indicates that, although LAC will grow, the levels are still low both for this year and for the next 2024 and 2025, with expected rates of 2.3 and 2.6 %, respectively. They are similar to the 2010 decade, that is, insufficient for the necessary progress in terms of inclusion and poverty reduction.

Source: La Nacion (PY)

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