ECLAC: Latin America may face a third "lost decade"
2024-08-16
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Reference News reported on August 16According to EFE on August 14, José Manuel Salazar-Chirinachis, executive secretary of the Economic Commission for Latin America and the Caribbean, told EFE that Latin America has just experienced the worst decade of growth since the "lost decade" of the 1980s, with an average growth rate of 0.9% from 2015 to 2024, and if deep structural changes are not made, Latin America may lose its third decade.
“It is difficult to create quality jobs, reduce poverty or even reduce inequality when our growth rate is as low as 0.9%, half of what it was during the ‘lost decade’ of the 1980s (2%),” said Salazar-Hirinakis.
The Economic Commission for Latin America and the Caribbean released a new report on the 13th, lowering its growth forecast for Latin America this year to 1.8%, 0.3% lower than the 2.1% forecast in May.
Salazar-Hirinachis cited increased global uncertainty, a cooling U.S. economy, low prices for some commodities, as well as reduced fiscal space, high interest rates and tight international financial conditions as reasons for the downward revision of growth forecasts for Latin America.
People line up to receive free food in Buenos Aires, Argentina, on July 10. (AFP)
