It stated that 2015 was productive for the Dominican Republic, which grew 6.6%, followed by Panama & Bolivia with 5.9% growth and Cuba and Nicaragua with 4.0%. The commission’s Executive Secretary Alicia Barcena said Cuba did good work, but highlighted the need to lift the US blockade. The Mexican diplomat says that diminished the economic development of the Island. Overall, the forecast for the region is grim, especially for countries like Brazil, Mexico, Venezuela and Colombia.
The report said these commodity countries were affected by low oil prices since the end of 2014. The adversities also stem from external factors, with global growth forecast to remain slow, and reach only 2.9% in 2016. ECLAC says Latin America is directly affected by this issue because China, which is one of the region’s main trading partners, will continue decelerating to 6.4% next year. The only good news is this adversity will bring the region into stabilisation in 2017, Barcena concluded.