Latin America, Caribbean region expected to grow 1.9% in 2024: World Bank

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - Latin America and the Caribbean region is expected to expand 1.9% in 2924, according to a report by the World Bank.

The region is forecast to show an economic growth of 2.6% next year, it said Wednesday.

While the estimated figures are the lowest ] among all global regions, there are persistent structural bottlenecks, according to the financial institution.

The World Bank said the region must seize its current growth momentum to accelerate economic growth.

"The region has made strides in managing inflation and stabilizing its macroeconomic environment," World Bank Vice President for Latin America and the Caribbean Carlos Felipe Jaramillo said in the report.

"This is a crucial moment to leverage these achievements to attract the investments necessary for sustainable development, foster innovation, build human capital, create more and better jobs, and empower the region to break free from this low-growth cycle," he added.

The debt-to-GDP ratio in the region rose to 62.8% in 2024, up from 59.1% in 2019, it said.

The World Bank said high debt levels and servicing costs continue to hinder the region's ability to create fiscal space for public spending and investment.