The Economic Commission for Latin America and the Caribbean (ECLAC) released today the Preliminary Overview of the Economies of Latin America and the Caribbean 2023, its last annual report this year, in which it indicates that the region will stay on a path of low growth, which means job creation will decelerate and informality and gender gaps will persist, among other effects. According to the report – which was presented at a press conference led by the United Nations regional commission’s Executive Secretary, José Manuel Salazar-Xirinachs – Latin America and the Caribbean will grow 2.2% on average in 2023 and 1.9% in 2024, which points to a deceleration in regional growth from the levels seen in 2022. Although all the subregions will have lower growth in 2023 than they did in 2022, the report emphasizes the heterogeneity among countries in the region. South America is seen growing by 1.5% (versus 3.8% in 2022); the group made up of Central America and Mexico by 3.5% (4.1% in 2022); and the Caribbean (without including Guyana) is forecast to grow 3.4% (6.4% in 2022). In 2024, it is expected that the region will maintain this dynamic of low growth and all the subregions will grow less than in 2023: South America is seen expanding by 1.4%; Central America and Mexico by 2.7%; and the Caribbean by 2.6% (without including Guyana). These projections reflect, in part, low dynamism in economic growth and global trade, which translates into a limited impetus from the global economy. Although inflation has declined, the interest rates of the main developed economies have not, which means that financing costs have remained at high levels throughout the year and they are expected to stay that way in coming years.