Monday, January 17

Latin America will experience slower-than-expected growth in 2022, according to the World Bank

This was expressed by F. Maloney during his speech at a conference organized by the Exporters and Investors Club and Madrid Investment Attraction, the office of attention to foreign investment of the Madrid City Council.

The economist has explained that the Latin American region has been one of the most affected by Covid-19 worldwide, which has caused a significant drop in employment Although it began to rise in the third quarter of 2020, at present it has not yet been able to recover its pre-pandemic values, due in large part to the low rate of vaccination in most countries in the area.

However, Maloney has stressed that lhe economic recovery of the region during 2021 “has exceeded forecasts” and fostered the emergence of new productive sectors.

“In general, GDP growth rates have been robust in most of the territories ”, according to the economist, although not enough to compensate for the losses experienced during 2020.

They highlight, for example, growth above 10% in countries such as Peru, Chile and Panama, or the growth of the Dominican Republic and Belize, which exceeds 8%. Some of the large countries, such as Mexico or Brazil, have grown around 4%.

In this context, Latin American recovery will be slow, despite global factors “are favorable.” “Everything seems to indicate that the growth of the region will return to values ​​of the decade of 2010, which was lower than in other regions of the world ”, he added.

The expert has ensured that The great challenge for Latin America in the coming years will be to rebuild a dynamic economy “under a framework of fiscal restrictions.” In this sense, the chief economist of the World Bank has stressed the importance of investing in higher education and infrastructure, as well as a renewal of the energy systems of the countries based on renewable energies.