The Economic Commission for Latin America and the Caribbean (ECLAC) raised its 2024 GDP growth forecast for the region by 0.2 percentage points to 2.1% from 1.9% in December. ECLAC forecasts GDP growth in South America at 1.6%, Central America and Mexico at 2.7% and the Caribbean (excluding Guyana) at 2.8%.

ECLAC experts said that the region's economy will continue to grow at a low rate this year due to the complicated world situation and below-average global economic and trade activities.

In addition, high interest rates in developed countries will increase financing costs in emerging countries, making their vulnerability to debt burdens worse.

THU GIANG