ECLAC: Dominican econmy to grow 4.8%, 2nd in region: EFE

Santiago, Chile.- Latin America´s and the Caribbean´s economy will grow only 0.5% in 2015, the Economic Commission for Latin America and the Caribbean (ECLAC) said Wednesday in Santiago, and forecast Dominican Republic´s growth at 4.8%, EFE reports.

In late 2014 the UN agency had projected a regional GDP increase of 2.2% which it slashed to 1.0% in April.

In its "Economic Survey of Latin America and the Caribbean 2015", released in the Chilean capital Wednesday, the ECLAC notes that although the slowdown is widespread in the region, the behavior of countries and subregions will be more heterogeneous.

As such South America would roll back 0.4%, while Central America and Mexico would grow an average 2.8%, and the Caribbean 1.7%, the report said.

Panama will lead the region with 6.0%, followed by Dominican Republic and Nicaragua (4.8%); Mexico achieved an increase in GDP of 2.4% and Argentina 0.7%, while Brazil will decline 1.5% and Venezuela 5.5%.

The ECLAC called for boosting investment to resume growth and improve productivity of the region´s economies.

In labor, the study warns that slower growth will have a negative impact on employment, with an increase in unemployment to 6.5% on average, from 6.0% last year.