2024-04-16 21:55:03
In Peru, GDP would grow by 2.7% in 2024. Photo: LR composition – Jazmín Ceras
He world Bank has adjusted its projections on economic growth in Latin America, anticipating an expansion of the Gross Domestic Product (GDP) of 1.6% for this year, followed by 2.7% in 2025 and 2.6% in 2026. These Figures represent a decrease compared to previous estimates, especially for 2024, which has been revised downwards by 0.7% compared to what was forecast in January.
This adjustment is mainly attributed to the severe economic contraction that Argentina will face. In his statement, the world Bank He highlighted that medium-term growth rates for the region are the lowest internationally and noted that they are “insufficient to boost prosperity.” Argentina would have a drop of -2.8% in its PBIwhile Peru and Brazil will have growth of 2.7% and 1.7%, respectively.
Which country in South America will have the highest GDP growth in 2024?
Guyana will have a growth of 34.3% in its GDP during 2024, according to the world Bank. For their part, Paraguay and Uruguay would see an increase of 3.8% and 3.2%, respectively. Below we show you the complete list of South America for 2024, 2025 and 2026.
GDP growth in South America during 2024
- Argentina: -2,8%
- Bolivia: 1,4%
- Brazil: 1.7%
- Chile: 2,0%
- Colombia: 1,3%
- Ecuador: 0,7%
- Guyana: 34,4%
- Paraguay: 3,8%
- Peru: 2.7%
- Uruguay: 3,2%
GDP growth in South America during 2025
- Argentina: 5,0%
- Bolivia: 1,5%
- Brazil: 2.2%
- Chile: 2,2%
- Colombia: 3,2%
- Ecuador: 1,7%
- Guyana: 16,8%
- Paraguay: 3,6%
- Peru: 2.4%
- Uruguay: 2,6%
By how much will South America’s GDP grow in 2026?
- Argentina: 4,5%
- Bolivia: 1,5%
- Brazil: 2.0%
- Chile: 2,3%
- Colombia: 3,1%
- Ecuador: 2,0%
- Guyana: 18,2%
- Paraguay: 3,6%
- Peru: 2.4%
- Uruguay: 2,6%
Uruguay’s economy meets fiscal goals for the fourth consecutive year and increases employment
In February, the Minister of Economy of Uruguay, Azucena Arbeleche, carried out the annual review of fiscal results and macroeconomic projections for the current year. During his speech, Arbeleche expressed an optimistic tone, highlighting the achievement of key objectives such as the revitalization of the economy, the generation of employment, the maintenance of real wages, the reduction of taxes and the organization of fiscal accounts, under the administration of the President Luis Lacalle Pou.
When comparing current economic activity with that of 2019, the last period of management of the Frente Amplio, the minister indicated that in 2023 a growth of 3.6% was recorded. Likewise, both exports of goods and services and investments in public and private infrastructure showed an upward trend in relation to that year.
In terms of employment, Arbeleche highlighted that during the year 2023, approximately 37,000 people found employment, with a total of 76,100 more workers employed compared to the period between 2019 and 2023. In contrast, during the Frente Amplio government 56,600 were lost. jobs. This improvement in the labor market was accompanied by a 2% increase in real wages compared to the pre-pandemic level, according to official data.
Another highlight was the closing of inflation in 2023, which stood at 5.1%, more than three percentage points below 2019 levels. This significant decrease contributed to a 0.5% increase in salary real and a growth of 3.7% in household consumption.
The growth of the Peruvian GDP
He world Bank adjusted upwards its economic growth projection for Peru, raising it from 2.5% to 2.7% for the current year. Projections for the years 2025 and 2026 indicate a growth rate of 2.4%, suggesting that, with this improvement, the Gross Domestic Product (GDP) Peruvian will be above the regional average following two years. However, the international organization warns that Peru must address various structural failures to ensure sustained recovery and growth.
World Bank worsened projection of Argentina’s GDP
He world Bank updated its forecast for the Argentine economy, reversing its initial estimate of GDP growth PBI from 2.7% at the beginning of the year, to now project a contraction of 2.8%. This revision places its expectations in line with those of the International Monetary Fund (IMF). Despite the correction towards an expectation of economic contraction, the organization expressed that the economic policies adopted by Argentina are appropriate.
However, he emphasized the need to implement protection measures for the most vulnerable sectors of society, highlighting that pensions and social assistance have suffered a loss of purchasing power of 30% in the first months of their application.
What is the most valuable currency in South America?
Since Ecuador uses the dollar as its national currency, this country would have the most valuable currency in South America. Peru follows with the new sol and Brazil with the real one.
What is the South American country with the best economy?
In 2023, Brazil and Mexico They consolidated themselves as the largest economies in Latin America and the Caribbean, according to their gross domestic product (GDP). During that period, Brazil generated goods and services worth approximately US$2.08 trillion, according to current figures. For its part, Mexico registered a GDP of 1.66 trillion dollars. Argentina occupied the third position in the region, with a GDP close to 641,100 millions of dollars.
Currently the Latin American country with the largest economy, measured by Gross Domestic Product (GDP), It’s Brazill. However, if we consider GDP per capita, which can be a better indicator of the average standard of living of citizens, Chile and Uruguay They frequently stand out as the countries with the best economies in terms of income per person.
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