Apr 2017 Financial News

ECLAC says Caribbean economic activity will expand in 2017

Apr 25, 2017

SANTIAGO, Chile (CMC) – The Economic Commission for Latin America and the Caribbean (ECLAC) is predicting average growth at 1.4 per cent for the English and Dutch-speaking Caribbean.

ECLAC said that the projection for the Caribbean is slightly above the 1.3 per cent rate given in December.
It put overall average expansion for Latin America and the Caribbean at a 1.1 per cent, slightly below the 1.3 per cent that was estimated in December 2016.

As in previous years, ECLAC said, in 2017, the growth dynamics will vary between countries and sub-regions..
For example, ECLAC said the economies of South America, specializing in the production of primary goods – especially oil, minerals and food – will record average growth of 0.6 per cent.

It said this represents a slight downward revision to the 0.9 per cent projected last December, while for Central American economies, ECLAC forecast the growth rate at 3.6 per cent in 2017, compared with the 3.7 per cent projected in December.

According to ECLAC, to sustain the higher growth expected in 2017, “countries must stimulate greater dynamism in investment and increase productivity via innovation, with environmental sustainability and while protecting employment.

“In this context, investment in infrastructure must play a fundamental role since it serves as the foundation of sustainable growth,” ECLAC said.

Furthermore, ECLAC said it is necessary to strengthen social and productive investment “in a framework of smart fiscal adjustments.

“In this sense, officials should strive for sustainability in public finances in the region but in the context of policies that take into account both the impact on long-term growth capacity, and the social conditions of the region's inhabitants,” ECLAC said.

Source:
Jamaica Observer
Tuesday April 25, 2017

http://www.jamaicaobserver.com/article/20170425/ARTICLE/170429984/1373