Belize economy expected to grow in 2022 – ECLAC report

Mexico City, Mexico. Wed. Jan. 12, 2022– In its annual report released Wednesday, the Economic Commission for Latin America and the Caribbean (ECLAC) said parts of the region are expected to experience slower economic growth in 2022. The report, titled “Preliminary Overview of Latin American and Caribbean Economies 2021,” was published by ECLAC Executive Secretary Alicia Bárcena. But despite predictions that 2022 will be a tough year for parts of Latin America, Belize’s economy is set to experience an accelerated pace of growth – rising from a 2.7% growth rate to 6.2% the last year. And the same can be said for almost all Caribbean nations.

“The Caribbean will rebound in 2022,” noted Bárcena. Central America’s growth rate, on the other hand, is expected to decline from 6.7% to 4.5%.

For the Latin America and Caribbean region as a whole, ECLAC has projected that the growth rate will decline from the 6.2% achieved in 2021 to 2.1% in 2022. The organization attributes this down to the differences between developed, emerging and developing economies. in the region and variations in their ability to sustainably recover from the crisis caused by COVID-19. The wide variations in vaccination rates across the region are a striking example. While countries like Chile, Argentina and Uruguay have reported vaccination rates of over 70%, vaccination rates in countries like Jamaica, Haiti and Guatemala remain below 25%, the rate of vaccination of Haiti being only 0.66%. Belize, Barbados and Mexico fall somewhere in the middle of this range, with rates of 50% or more.

“The expected slowdown in the region in 2022, combined with the challenges of low investment and productivity, poverty and inequality, calls for growth and job creation to be central elements of public policy making “, said Barcena.

When asked if Latin America and the Caribbean will experience a full economic recovery anytime soon, Bárcena pointed out that while advanced economies may achieve this by the end of 2022, most emerging economies are unlikely to reach a full recovery before 2025.

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