Thursday, 30 December 2021 01:42

El Salvador projects GDP growth of 4.6% by 2022 according to ECLAC

Written by Evelyn Alas

A recent study by the Economic Commission for Latin America and the Caribbean (ECLAC), El Salvador ranks among the three Latin American economies best prepared to face the coming year.

The projections, according to an August 2021 ECLAC study, highlight El Salvador projected Gross Domestic Product (GDP) growth of 4.6%, Panama 8.2% and Dominican Republic with 5.5% as the countries with the best outlook for economic growth in the Latin American region.

The ECLAC data surpass the projections of the Banco Central de Reserva (BCR), which forecasts that the salvadoran economy will grow by 4% in 2022.

The BCR's projection is supported by the information generated at the end of the third quarter of 2021, which shows that local investment increased 22.5 % compared to 2020, driven by the increase in imports of capital goods for power generation projects, execution of construction projects and imports of transportation equipment.

The Superintendencia del Sistema Financiero (SSF) reported in june of this year 758,766 contributors in the pension savings system, which is equivalent to an increase of 11,639 jobs compared to May of this same year, a positive variant that is unprecedented in recent periods.

In addition, when compared to last year's data, there are 97,742 more contributors, taking into account that the second quarter of 2020 was the most complicated in the context of the fight against the COVID-19 pandemic.