Latin America’s Economy Expected to Grow 5.2%

The Latin American economy is expected to grow by 5.2% in 2021, despite concerns about recovery amid an increase in cases in many parts of the world with the new variants, according to the United Nations (U.N.) Economic Commission for Latin America and the Caribbean (ECLAC).

The new forecasts mark an upgrade compared with the previous estimate of a 3.7% growth rate this year.

ECLAC pointed to uncertainties due to the uneven progress in vaccinations and structural problems, which limited the growth of the region before the pandemic were exacerbated and will negatively impact the recovery of economic activity and labor markets beyond the 2021 growth rebound and 2022.

Last year, the economy of Latin America and the Caribbean contracted by 6.8%

The U.N. report further noted that a huge growth was witnessed in e-commerce.