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ECLAC forecasts Chilean economy will grow 1.6% in 2016

Angelos Tzortzinis / AFP
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The Economy of Latin American countries will decline for the second consecutive year, falling a 0.6% during 2016 according to the ECLAC. This decline is an effect of the collapse of the Brazilian and Venezuelan economies.

After reaching in 2015 its worst performance in six years, with a contraction of 0.5%, Latin America will be facing again, this year, the falling of its GDP. The forecasted drop, according to the Economic Commission for Latin America and the Caribbean, will be of 0.6%.

This estimation is an update from the latest projection that was given by the Organization the past December, when they announced a slight growth of 0.2% for Latin America.

However, the ECLAC slashed its estimates due to the complex global scenario, result of the low economic growth of developed countries, the deceleration of emerging economies, especially the Chinese economy, the growing volatility, the costs at the financial markets, and the depression of prices of raw materials such as minerals and hydrocarbon.

Regarding the South American economies skilled in the production of primary goods, especially oil and minerals with an increasing commercial integration with China, are going to suffer a contraction of 1.9%.

As the ECLAC anticipated, Bolivia will be leading the regional growth, with an expansion of 4.5%, followed by Peru with an economic development of 3.8%. Colombia, the coffee-growing country, will experiment a hike of 2.9%, followed by Paraguay with 2.8%, while the Chilean economy will grow along the edge of 1.6%.

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