Economic performance in Latin America in the 2000s: recession,recovery, and resilience? |
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Authors: | Juan Carlos Moreno-Brid Stefanie Garry |
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Institution: | 1. Facultad de Economía, Universidad Nacional Autónoma de México (UNAM), Mexico City, Mexico;2. Economic Affairs Officer, United Nations Economic Commission for Latin America and the Caribbean (ECLAC) Subregional Headquarters in Mexico, Mexico City, Mexico |
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Abstract: | This paper examines Latin America’s economic performance in the last three decades with the objective of assessing whether it entered a new phase of strong and persistent growth with stabilization in the 2000s. Our analysis pays special attention to the changing roles of exports and investment as drivers of growth and to the region’s performance in the fiscal area, the composition and dynamics of foreign trade, investment and labour productivity. Our results indicate that, in general, the region has achieved important progress in macroeconomic matters, but it has failed to overcome major structural, long-term constraints linked to its balance of payments and to a lesser extent its fiscal performance. Unless these challenges are resolved, the region’s long-term growth will hardly be favourable. |
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