The Economic Commission for Latin America and the Caribbean (Cepal) has revised its economic growth forecast for El Salvador in 2024, raising it from 3% to 3.5%. This adjustment was announced during the presentation of the latest edition of Cepal’s annual report, Economic Study of Latin America and the Caribbean 2024: Low Growth Trap, Climate Change, and Employment Dynamics.
According to the report, El Salvador’s projected growth surpasses that of both Central America and Mexico, estimated at 2.2%, and the overall Latin American region, projected at 1.8%. South America is expected to experience the lowest growth at 1.5%, with a recovery to 2.4% anticipated for 2025.
Earlier this year, Cepal had initially forecasted a 2% growth rate for El Salvador, which has since improved to the current 3.5%—a figure that aligns with projections from the Central Reserve Bank (BCR) for 2024.
The International Monetary Fund (IMF) has also confirmed a 3% growth for El Salvador’s economy in 2024. The IMF had previously set this indicator at 1.9% in October 2023 but adjusted it upward following stronger-than-expected results at the close of 2023, which were in line with the BCR’s projection of 3.5%.
The IMF continues to place El Salvador’s economic growth in a positive light compared to the rest of Latin America and the Caribbean, a region expected to grow by just 2% this year.