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  • CEPAL press conference (Photo: ECLAC/ CEPAL)

    CEPAL press conference (Photo: ECLAC/ CEPAL)

Published 2 December 2014

A report released by ECLAC shows the region will continue growing and will improve its average growth in 2015.

A new report released Tuesday by the Economic Comission for Latin America and the Caribbean shows that the region will continue its sustained growth.

While the region registered 1.1 percent growth in 2014, its smallest growth rate since 2009, the projections for 2015 are much brighter. Preliminary projections suggest a 2.2 percent increase in the region.

The countries that will lead in growth for 2015 are Panama, with an expected 7 percent increase in its GDP, followed by Bolivia with 5.5 percent. Nicaragua, Peru and the Dominican Republic are slated for 5 percent grwoth rates next year.

Ecuador, who lead regional growth in 2014 with a 4 percent growth, is expected to grow by 3.8 percent in 2015.

ECLAC, or CEPAL, as the body is known in the Spanish-speaking world, said that ongoing regional integration should aim at building a strong regional market with the capacity to create production chains that would fortify the regional capacity to counter foreign financial shocks.

The U.N. body also urged the region to reinforce financial integration mechanisms which would also improve economic resilience.

The numbers were released during a press conference in the body's headquarters in Santiago, Chile, and are part of the Preliminary Report on Latin American and the Caribbean Economies for 2014, to be released in the near future.

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