The Preliminary Balance of the Economies of Latin America and the Caribbean, 2023, indicates that the economic activity in Latin America and the Caribbean continues on a path of low growth. In 2023, all subregions are expected to grow less than they did in 2022. For 2024, a lower growth rate is anticipated compared to that observed in 2023, accentuating the dynamics of deceleration in GDP growth and job creation. It is emphasized that the expected low growth in 2023 and 2024 is not merely a cyclical issue but reflects the decline in the trend growth rate of the regional GDP.

As highlighted in the report, the region faces multiple challenges to revitalize short-term growth. The global economy continues to exhibit sluggish growth rates in GDP and trade. The scope for fiscal and monetary policy remains highly constrained in the region. In this context, the argument is made that it is essential to have macroeconomic policies aimed at incentivizing and facilitating increased investment to build resilience to climate change and strengthen the region's growth capacity.