UN agency predicts 4.7-percent economic growth in Latin America in 2008
29/8/2008 17:05
The UN Economic Commission for Latin America and Caribbean yesterday
predicted 4.7-percent growth for the Latin American economy in 2008.
Despite
a slowdown in the global economy, economic growth in Latin America may still
reach 4.7-percent this year, with the region's per capita GDP expected to exceed
3 percent for the 5th consecutive year, ECLAC Executive Secretary Alicia Barcena
said at the launch of a report on the Latin American economy.
The Latin
American economy is forecast to continue to expand for the next six years,
although growth is expected to slow to 4 percent in 2009, according to the
report.
The report also predicted annual growth of 8.3 percent for Peru, 8
percent for Panama, 7.5 percent for Uruguay, 7 percent for Argentina, 7 percent
for Cuba, 6 percent for Venezuela, 4.8 percent for Brazil, and 2.5 percent for
MexiCo
Growing current account surpluses, reduced debts, increases in
international reserves and improved trade conditions are all important factors
conducive to steady economic growth in the region, according to the
report.
Unemployment in the region is predicted to drop to 7.5 percent this
year from last year's 8 percent, while the poverty rate is expected to fall to
35 percent from 44 percent registered in 2002.
However, the average inflation
rate in the region would reach between 9 to 10 percent due to soaring food and
oil prices.
Xinhua
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