ECLAC sights fall in Venezuelan and Saint Lucian Economy in 2014
The economies with the highest growth this year in Latin America were Panama and the Dominican Republic (both +6%), followed by Bolivia (+5.2%), Colombia (+4.8%) and Nicaragua (+4.5%). Venezuela, on the other hand, is among the economies reporting low growth in Latin America in 2014, the Economic Commission for Latin America and the Caribbean (ECLAC) informed on Tuesday.
According to the body, this year Venezuela could experience a 3% shrinkage, while a 1% decline is expected next year.
The United Nations commission presented a report featuring an overview of the economies of the Latin American region. According to the ECLAC, Venezuelan exports stagnated, and imports shrank by 17.7%.
The ECLAC pointed out that the economies of Latin America and the Caribbean will grow 1.1% in 2014, the lowest level in five years.
Shrinkage was recorded in the economies of Venezuela (-3.0%), Argentina (-0.2), and Saint Lucia (-1.4%).