Central America Economic Forecast

Economic Snapshot for Central America

January 18, 2023

Economic Growth

Regional growth will nearly halve this year from 2022’s projected level. Above-target inflation, high borrowing costs dampening credit and still-elevated unemployment will dampen private spending. The projected global slowdown bodes ill for remittances, tourism and regional export revenue. Domestic political instability is a risk.

Inflation Outlook

Inflation was stable at November’s 8.4% in December; stronger inflation in the Dominican Republic and Panama was offset by easing price pressures in Costa Rica. Inflation by end-2023 will moderate in nearly all countries across the region, although it will remain above central banks’ targets in most cases.

 

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