UN agency says regional average GDP growth was just 0.9% between 2014 and 2024, urges countries to prioritise growth

SANTIAGO — July 13, 2026. The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has issued a stark warning that the region is at risk of another “lost decade,” urging governments to urgently step up resource mobilisation to avoid falling into a prolonged low-growth trap.

According to ECLAC’s 2025 Preliminary Overview of the Economies of Latin America and the Caribbean, the region’s average annual GDP growth between 2014 and 2024 was a mere 0.9% – even lower than the levels recorded during the debt crisis of the 1980s. ECLAC projects regional economic growth of between 2.2% and 2.4% for 2025, with a further slowdown to between 2.2% and 2.3% in 2026. Should this forecast materialise, the region would register four consecutive years of low growth of around 2.3%. ECLAC Executive Secretary José Manuel Salazar-Xirinachs said that amid global uncertainty and geopolitical tensions, Latin American countries must “prioritise” economic growth. He noted that governments, regardless of their political leaning, must place a high priority on growth, and that Latin America must “restart economic growth from within,” rather than relying solely on improvements in global markets or commodity prices.

The report specifically highlighted that the Caribbean (excluding Guyana) faces an even bleaker outlook, with growth of only 1.8% and 1.7% projected for 2025 and 2026 respectively, weighed down by tourism volatility, high logistics costs, and climate vulnerability. ECLAC warned that without urgent action, Latin America and the Caribbean could face its third “lost decade” since the 1980s. The commission called on countries to strengthen productive development policies and promote a more inclusive and sustainable growth model. However, the outbreak of the Iran war in April 2026 has further intensified economic pressures on the region. ECLAC downgraded Brazil’s 2026 growth forecast to 2% in April, down from 2.3% in 2025. The Middle East conflict has pushed up energy and food prices, eroding household purchasing power and compressing already limited fiscal space.

Analysts point out that the root causes of the region’s prolonged growth weakness lie in low investment rates, sluggish productivity growth, infrastructure gaps, and fragile institutional capacity. ECLAC argues that the current low growth is not merely an economic problem but a development crisis.

Bogotá will host the VII Meeting of Energy Ministers of Latin America and the Caribbean to promote and reach agreements that will allow progress towards a just and sovereign energy transition.
Bogotá, D.C., July 21, 2025. Within the framework of the Pro Tempore Presidency of the Community of Latin American and Caribbean States (CELAC), Colombia will host the VII Meeting of Energy Ministers of the Community of Latin American and Caribbean States (CELAC), which will be held on July 22 and 23, 2025, at the Bogotá Chamber of Commerce – El Salitre Campus.

Led by the Ministry of Mines and Energy, headed by Edwin Palma, this important summit will bring together international organizations, diplomatic delegations, and energy sector allies to consolidate regional consensus that connects the countries of the region under a shared vision: building a just, resilient, and sovereign energy transition in Latin America and the Caribbean.

As part of an unprecedented agenda for energy integration in Latin America and the Caribbean, the VII Meeting of Ministers of Energy will be held in Bogotá on July 22. The national government has convened energy authorities, multilateral organizations, and key stakeholders from the continent to consolidate consensus around a just, resilient, and sovereign energy transition.

Opening Ceremony
The opening session, scheduled for Tuesday, July 22, at 9:00 a.m., will feature the participation of the Minister of Mines and Energy, Edwin Palma Egea, and the Colombian Foreign Ministry.

Ministerial Meeting
In addition, important topics such as the CELAC Electricity Interconnection Plan and the Integrated Platform for Electricity, Climate, and Hydrological Data will be discussed. High-level panels will also be held with the participation of our ministry, the Latin American Energy Organization (OLADE), the Inter-American Development Bank (IDB), CAF, the World Bank, the European Commission, and the International Energy Agency (IEA), among other important sector players.

Financing Summit for Energy Transitions in Latin America and the Caribbean
The First Financing Summit for Energy Transitions in Latin America and the Caribbean will take place on July 23rd, with the presence of President Gustavo Petro. Public and multilateral actors will establish joint lines of action to achieve sustainable energy solutions. There, national entities, private investors, companies in the mining and energy sector, and governments come together to mobilize resources to advance decarbonization projects, resilient infrastructure, and equitable access to energy.

This important event reaffirms Colombia’s leadership as a leading country in regional energy integration, as well as its progress toward the Just Energy Transition, in line with the national government’s objectives outlined by President Gustavo Petro.