The performance of The Colombian economy during 2021 grew almost twice what the World Bank had budgeted for that year, standing at 9.9 percent, four points above the 5.9 percent that the organism projected last June.
(The World Bank cuts its forecasts for world growth.)
This, in addition, places Colombia above the figures at the world level, where the World Bank projects a growth of 5.5 percent, 0.2 points less than the analysis presented in mid-2021.
In addition, in the region, the estimate for Latin America is 6.7 percent, 1.5 points more than budgeted. As for South America, the figure is 7 percent. While the average for emerging countries is 6.3 percent.
The report just revealed by the World Bank also estimates a boost in the Colombian economy for 2022 of 4.1 percent, the same figure that they had raised in their previous analysis, and 3.5 percent. in 2023.
In this sense, the World Bank pointed out that the Colombian economy slows its growth a little this year, to stand at 4.1 percent, “As the drag from last year’s high investment-led growth growth fades and labor market conditions improve”.
The agency also highlighted that “The tax reform plan approved in September, together with a fiscal rule reinstated following a two-year suspension due to the pandemic, provides a framework for considerable fiscal consolidation in the medium term” in the country.
(The country’s economic challenges for 2022, according to the Minister of Finance).
In Latin America and the Caribbean, the country that during 2022, according to the World Bank, will have a better economic performance will be Guyana, which will rise 49.7 percent; it is followed by Saint Lucia (9.6%), Barbados (8.5%) and Saint Vincent and the Grenadines (8.3%).
Haiti, for its part, will register a contraction of its economy of – 0.8 percent, being the only country in the region, according to the report, that will have a negative variation.
THIS IS HOW THE COUNTRIES OF THE REGION WILL GROW THIS YEAR
1. Guyana: 49,7
2. Saint Lucia: 9.6
3. Barbados: 8,5
4. Saint Vincent and the Grenadines: 8.3
5. Dominica: 8,1
6. Bahamas: 8
7. Panama: 7.8
8. Dominican Republic: 5
9. Granada: 4,4
10. Honduras: 4,4
11. Colombia: 4,1
12. Belice: 4
13. El Salvador: 4
14. Paraguay: 4
15. Guatemala: 3,9
16. Bolivia: 3,5
17. Costa Rica: 3.5
18. Peru: 3.2
19. Ecuador: 3,1
20. Uruguay: 3,1
21. Jamaica: 3
22. Mexico: 3
23. Nicaragua: 3
24. Argentina: 2,6
25. Chile: 2,2
26. Suriname: 1,8
27. Brazil: 1.4
28. Haiti: -0.8
STRONG GLOBAL SLOW DOWN IN 2022
Global growth will slow down this year and the situation might be aggravated by the impact of omicron, It is spreading rapidly, accentuating labor shortages and logistical problems, the World Bank estimated.
(How the economies of Latin America closed 2021).
The institution lowered its forecast for global GDP growth for 2022 by 0.2 percentage points, to 4.1% following 5.5% in 2021.
But it is possible that “Economic shocks caused by omicron may further reduce global growth this year, from 0.2 to 0.7 percentage points” additional, up to 3.9% or even 3.4%, added the agency.
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