UN forecasts economic growth in Venezuela at 2.5% in 2013

A "modest acceleration of economic growth" is expected in the next two years in Latin America and the Caribbean with growth rates at 3.9% in 2013 and 4.4% in 2014, according to a United Nations report entitled, "World Economic Situation and Prospects 2013."

This means, however, an improvement considering the noticeable deceleration in the yearly growth of the region's gross world product (GWP), which stood at 3.1% in 2012 as against 4.3% in 2011 and 6% in 2010. 

The report indicated that Brazil's economic growth in the next two years will stand at 4% in 2013 and 4.4% in 2014.

Likewise, the economic prospects for 2013 in other countries is as follows: Panama, 7.5%; Paraguay, 6.9%; Peru, 5.8%; Dominican Republic, 4.7%; Bolivia, 4.7%; Chile, 4.6%, Colombia, 4.5%; Ecuador, 4.4%; Costa Rica, 4.4%; Uruguay, 4.2%; and Nicaragua, 4.2%.

The countries reporting growth below average (3.9%) are the following: Mexico, 3.8%; Guatemala, 3.7%; Honduras, 3.5%; Cuba, 3.5%; Argentina, 3.2%; Venezuela, 2.5%; El Salvador, 2.2%.

The report also highlights the effects of the drop of Latin American exports attributed to the crisis in the US and Europe. Export in the first half of 2011 grew 28%, compared to only 4% in the same period of 2012.

Translated by Jhean Cabrera