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Economic Commission for Latin America and the Caribbean

Economic Commission for Latin America and the Caribbean. Current situation in Latin America and the Caribbean. The region is growing faster and better than in the past Unemployment is falling Poverty has been reduced in recent years The region is less vulnerable than before to external shocks

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Economic Commission for Latin America and the Caribbean

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  1. Economic Commission for Latin America and the Caribbean Current situation in Latin Americaand the Caribbean • The region is growing faster and better than in the past • Unemployment is falling • Poverty has been reduced in recent years • The region is less vulnerable than before to external shocks • More reserves and less external debt • High primary fiscal surplus compared to other periods • Reduction of public debt (and better terms and conditions) • More flexible exchange rates • All this is in the context of favourable external conditions

  2. Economic Commission for Latin America and the Caribbean The percentage of poor and indigent persons has fallen since 2003, and this trend is expected to continue, but it has taken 25 years to bring poverty down to below its 1980 level

  3. Economic Commission for Latin America and the Caribbean Nevertheless… • Latin America and the Caribbean exhibits less than stellar growth rates • Latin America diverges while East Asia converges • The recent upturn in LAC growth is smaller than in other developing countries • And, the region has been unable to improve income distribution

  4. Economic Commission for Latin America and the Caribbean Long-term challenges and opportunities • Given the favourable external environment, LAC may be able to sustain its growth over the next few years. • The challenge, however, is how to take advantage of this opportunity to lay the foundation for more rapid and sustainable growth in the medium and long run. • Consolidation of macroeconomic balances. • Strategies to diversify economic structures through linkages and knowledge. • Exports: key factor in development. • Public policies: important role. • The challenge is also to improve social cohesion.

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