Latin America, Caribbean record growth of 6.7 percent

The World Bank is reporting that growth in Latin America and the Caribbean was an estimated 6.7 percent in 2021.

The agency's Global Economic Prospects report says the growth was driven by favorable external conditions and pandemic-related developments.

Strong demand for exports to the United States and China, high commodity prices, and continued high remittances to Central American and Caribbean countries also supported growth.

Meanwhile, the World Bank report has flagged inflation as a concern for Latin America and the Caribbean.

The cost of  goods and services across the region has risen, exceeding central banks targets in most cases. 

The World Bank says inflation in the region was driven by an uptick in demand associated with economic reopening, rising food and energy prices, weather related shocks and, in some countries, currency depreciation and large increases in money supply.

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