Santo Domingo.- The UN Economic Commissionfor Latin America and the Caribbean (Cepal) on Wednesday said it ratcheted backthe region’s growth forecasts, which will constrict 0.9% in 2016.
The report is the latest showing robustgrowth for the Dominican Republic, followed by similar forecasts by theInter-American Development Bank (IDB), the International Monetary Fund (IMF)and the Dominican Central Bank.
The Cepal figure is higher than the 0.8% declineforecast in the Cepal report last July. Looking ahead to 2017, the agencyexpects a "rebound in economic activity" that will result in a 1.5% growth.
South America, whose economies specialize in producingraw materials, will be most affected with a 2.2% contraction dragged by the 8% fallforecast for Venezuela.
Central America, Mexico included, will expandby 2.5 % this year while Caribbean countries will decline 0.3%, according tothe report.
Dominican Republic’s (6.5%) growth in 2016 topsthe region, followed by Panamá (5.4%),Nicaragua (4.5%), Bolivia (4.5%), Guyana (4.4%), Dominica (4.2%) and Costa Rica(4.2%).
At the other extreme are Venezuela (-0.8%),Suriname (-4.0%), Brazil (-3.4%), Ecuador (-2.5 %), Trinidad and Tobago (-2.5%)and Argentina (-1.8%).