Brazil should have lower growth in Latin America in 2022, says ECLAC

Brazil is expected to have the lowest economic growth among Latin American and Caribbean countries in 2022, according to the United Nations Economic Commission for the region, ECLAC.

In addition, growth in the region as a whole is expected to decelerate this year. Economic activity in Latin America and the Caribbean is expected to increase by 2.1% of GDP in 2022, against a growth of 6.2% recorded last year. The data was released on Wednesday.

The ECLAC Executive Secretary, Alicia Bárcena, cited as reasons for the lower growth in the region, among others, the maintenance of the pandemic and the high unemployment rates, in addition to the lower growth of the world market and the economies of China and the United States, which are the biggest trading partners of Latin American and Caribbean countries.

Brazil appears in last place in the ranking of the 33 countries in the region, expected to grow only 0.5% of GDP this year, against a growth of 4.7% last year. The countries that are expected to grow the most in 2022 are Guyana, Paraguay and Colombia in South America, as well as Panama and Honduras in Central America.

ECLAC also reported that the region has yet to recover around 30% of the jobs lost in the pandemic, with a worse situation among working women.

Regarding inflation, the Commission estimates that prices should continue to rise in 2022, driven mainly by food and energy. In 2021, inflation stood at 7% in the region, with the exception of Argentina, Venezuela, Haiti and Suriname, which had much higher levels.

Regarding vaccination, ECLAC highlighted the inequality in access to immunizations. Altogether, the region has already vaccinated 60% of the population with two doses or a single dose. However, while Chile and Cuba have already immunized more than 85% of the inhabitants, Haiti has only 0.6% of the population vaccinated, followed by Jamaica with only 19% of the inhabitants fully immunized. Brazil appears in seventh place with 67% of the population vaccinated.

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