Dominican Republic to grow 5.6% despite a shrinking world: ECLAC

Santiago, Chile.- LatinAmerica´s and the Caribbean´s economies slid down 0.3% in 2015, the EconomicCommission for Latin America and the Caribbean (ECLAC) said Monday, whichrevised its latest forecast for the region downward with a predicted growth of 0.5%,EFE reports.

The main factorsbehind the contraction are weak domestic demand, a significant slowdown inemerging economies, especially China, the stronger dollar and increasedvolatility in financial markets, the agency said

Despite the overallslowdown the region´s economies will boast differentiated dynamics by yearend,ECLAC said. "The growth projections suggest that the economies of SouthAmerica, specialized in the production of commodities, especially oil andminerals, and with increasing degree of trade integration with China, postedthe largest slowdown."

According to ECLAC´sforecast South American countries will undergo a recession of 1.3% this yearand will shrink 0.1% in 2016.

Venezuela (-6.7%) andBrazil (-2.8%) lead Latin American countries that will close the year in thered, whereas Panama (5.8%) and Dominican Republic (5.6%) top the other extremewith notable growth.