El Salvador is among the five countries with the lowest inflation in Latin America in 2022, according to ECLAC

El Salvador is one of the five countries with the lowest percentage of inflation in Latin America and the second lowest in Central America in the current year 2022, according to a publication made this Monday by the BBC in London.

The prestigious British media takes up the data from the Economic Commission for Latin America and the Caribbean (ECLAC) on the degree of inflation in each Latin American country during the current year 2022, which is about to end.

According to the BBC, ECLAC did not include countries with chronic inflation, such as Argentina, Venezuela, Cuba, Haiti, and Suriname, in its estimates.Among the aspects that affected the degree of inflation on the continent are the effects left by the COVID-19 pandemic and the high costs of fuel.

According to the BBC, data from ECLAC place El Salvador in fifth place among the countries with the lowest percentage of inflation in 2022 on the entire continent, at 7.5% per year. Above El Salvador are Brazil, with 6.5%; Ecuador, with 4%; Bolivia, with 2.9%; and Panama, with 1.7% per year.

In contrast, Chile is the country with the highest inflation rate in 2022, at 12.8%, followed by Colombia, at 12.2%, and Honduras, at 10.2%. These nations are above those considered to Chronic Inflation.

These data support what was expressed by Douglas Rodríguez, president of the Central Reserve Bank (BCR), last Friday, December 23, who assured that during the third quarter of 2022 the economy of El Salvador registered a growth of 2.2%, which allows the projection that the country will not enter a recession this year.

“The public policies promoted by President Nayib Bukele have strongly favored the Salvadoran economy. Strengthening security is key to economic growth in the third quarter of 2022, as companies invest more and families have the opportunity to enjoy themselves with peace of mind,” Rodríguez said at the time.

The president of the BCR pointed out that the data confirm that El Salvador has maintained an upward trend in its economy, registering increases above 2% on a quarterly basis. “On average, between the three quarters, there is a 2.7% growth, from January to September of this year, which confirms that the Salvadoran economy is not in recession,” he said.

Given this scenario, the BCR data allow us to forecast 2.8% growth in the Salvadoran economy for 2022. For 2023, the projection of economic growth could reach up to 3%.