The Big Switch in Latin America: Restoring Growth Through Trade

Size: px
Start display at page:

Download "The Big Switch in Latin America: Restoring Growth Through Trade"

Transcription

1 216/FDM2/3 Session 1 The Big Switch in Latin America: Restoring Growth Through Trade Purpose: Information Submitted by: World Bank Group Finance and Central Bank Deputies Meeting Lima, Peru 14 October 216

2 Semiannual Report - Office of the Regional Chief Economist - October 216 The great Latin American slowdown seems to be ending, with regional growth expected to turn positive in 217 Real GDP Growth: International Comparison Notes: Weighted averages. 1

3 MCC in the US cycle; SA in the China cycle but with a much more accentuated slowdown MCC: Actual and Predicted Growth vs US Growth SA: Actual and Predicted Growth vs China Growth Notes: Actual and predicted growth rates are simple averages. Predicted growth for a country is the fitted value of a regression of GDP growth on G-7 growth, China s growth, the CRB commodity index growth, and the U.S. 1 year yield. Sources: LCRCE based on data from Bloomberg and national sources. Unlike growth, poverty is expected to flat-line 215 likely the first year in a decade where regional poverty did not fall 45 though only Brazil and Ecuador likely to have seen poverty increases 2 Poverty rate Actual Poverty data "Nowcast" Poverty change (p.p.) DOM NIC BOL SLV COL PAN HND GTM PRY PER ARG CRI MEX URY CHL ECU BRA Note: Venezuela not included due to data limitations. 2

4 Although with different achievements in poverty reduction within the region Moderate poverty rate, (percent) MCC 3 2 South America 1 1 Note: MCC stands for Mexico, Central America, and the Caribbean. Poverty reduction through 213 was fueled by high wage growth, especially for unskilled labor 6% Annualized growth rate 4% 2% % -2% -4% Tradables Non-tradables low-wage Non-Tradables high-wage Countries without commodity boom Tradables Non-tradables low-wage Non-Tradables high-wage Countries with commodity boom Unskilled Low-skilled Skilled Source: World Bank, 215. Working to end poverty in Latin America and the Caribbean: Workers, Jobs, and Wages 3

5 How are wages adjusting? Tradables Non-tradables low-wage No commodity boom (Mexico) Non-Tradables high-wage Tradables Non-tradables Non-Tradables low-wage high-wage Commodity boom (Arg, Bra, Chl, Ecu, Per) Unskilled Low-skilled Skilled Employment, formality, and unemployment have been affected, especially in 216 Employment Informality Unemployment Note: All rates (percent). Projection for 216 based on data through Q2 based on LABLAC. 4

6 But large differences in labor market outcomes are emerging across the region Employment Unemployment Rate (percent) Brazil Rest of South America MCC Restoring GDP and labor income growth will be critical, but how? Annual poverty change (ppts.) Boom Slowdown Distributional changes Growth Boom Slowdown Non-labor income Labor income

7 How to raise what otherwise would be a mediocre potential growth? i. Complete the macroeconomic adjustment in the countries that still require it i. Such agenda has three dimension: (i) realigning real exchange rates; (ii) addressing fiscal imbalances; and (iii) increasing aggregate savings rates (after discounting for windfalls). ii. In SA the macroeconomic management agenda is most pressing for Venezuela. At the other end of the spectrum is worth mentioning Chile, Peru (our host today), and Paraguay. ii. Stage a big switch from non-tradablesto tradables i. Now that the boom is over, future growth in the region won t be able to depend on domestic demand countries will need to lean on external demand ii. Such a shift can progress along several paths Importables vs exportables Existing exports (intensive margin) vs new (extensive margin) Diversification (away from commodities) Fiscal: deficits have widened in many cases SA: Fiscal Deficit and the Origin of its Increase The expansion of expenditure is the main culprit in the cases of Venezuela, Brazil, Uruguay, and Paraguay The contraction of revenue plays a key role for Bolivia, Ecuador, Colombia, and Peru Interest payments contribute significantly to the deficit in Brazil, Colombia, and Uruguay Primary expenditure is dominant in the deficit for Venezuela, Bolivia, Argentina, and Ecuador Notes: Changes are between the last observation and the point in time after 29 when the lowest fiscal balance was recorded. If the lowest balance was the latest, the difference shown is with respect to the point in time when fiscal accounts were closest to zero. Sources: LCRCE based on World Bank staff estimates. 6

8 Real exchange rate: it has adjusted in flexible regimes; it has become overvalued in less flexible ones, except for Peru SA: Real Effective Exchange Rate More Flexible Peru Ecuador Bolivia Notes: Index base: January 211=1. An increase implies a real depreciation. More flexible includes Brazil, Chile, Colombia, Paraguay, and Uruguay. Sources: IFS (IMF). Restoring growth through trade 7

9 A big switch is needed for the short-term rebound to lead the region to a higher, sustainable growth path A big switch from non-tradables to tradables is necessary to restore external equilibrium with full employment Now that the boom is over, future growth in the region won t be able to depend on domestic demand countries will need to lean on external demand and to raise what otherwise would be a mediocre potential growth But the big switch faces a treacherous world environment Weak and uncertain world demand that could frustrate export recovery Intensifying anti-globalization attitudes in developed countries Such a shift can progress along several paths Importables vs exportables Existing exports (intensive margin) vs new (extensive margin) Diversification (away from commodities) Reform priorities Measures to promote open regional economic integration (consistent with the strengthening of the integration with international markets outside the region) Beyond trade agreements towards regional public goods and the integration of input, labor and FDI markets Reforms that promote/increase the ease of resource reallocation towards the tradables sector Saving mobilization reforms starting on the fiscal side But the big switch faces a treacherous world environment: (i) Weak and uncertain world demand that could frustrate export recovery; and (ii) Intensifying anti-globalization attitudes in developed countries. 8

10 The big switch is constrained by the flat global trade volume, driven mainly by China World: Import Volume Index Index Base 25q1=1 Selected Economies: Import Volume Indices Index Base 25q1=1 Sources: UNCTAD. 17 Thanks 9

Latin America and the Caribbean

Latin America and the Caribbean Regional Outlook Latin America and the Caribbean Sebastián Vergara M. Development Policy and Analysis Division Department of Economic and Social Affairs United Nations UN DESA Expert Group Meeting on the

More information

JOBS, WAGES. and the Latin American Slowdown. SEMIANNUAL REPORT Office of the Regional Chief Economist. Public Disclosure Authorized

JOBS, WAGES. and the Latin American Slowdown. SEMIANNUAL REPORT Office of the Regional Chief Economist. Public Disclosure Authorized SEMIANNUAL REPORT Office of the Regional Chief Economist JOBS, WAGES and the Latin American Slowdown Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure

More information

Technical education and professional training in LAC: the challenge of productivity

Technical education and professional training in LAC: the challenge of productivity Technical education and professional training in LAC: the challenge of productivity Ángel Melguizo Head, Latin American and Caribbean Unit OECD Development Centre CAF and Inter-American Dialogue Washington

More information

Income, Deprivation, and Perceptions in Latin America and the Caribbean:

Income, Deprivation, and Perceptions in Latin America and the Caribbean: Income, Deprivation, and Perceptions in Latin America and the Caribbean: New Evidence from the Gallup World Poll Leonardo Gasparini* Walter Sosa Escudero** Mariana Marchionni* Sergio Olivieri* * CEDLAS

More information

Wage Inequality in Latin America: Understanding the Past to Prepare for the Future Julian Messina and Joana Silva

Wage Inequality in Latin America: Understanding the Past to Prepare for the Future Julian Messina and Joana Silva Wage Inequality in Latin America: Understanding the Past to Prepare for the Future Julian Messina and Joana Silva 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 US (Billions) Gini points, average Latin

More information

Carolina Sánchez Páramo World Bank July 21, 2009

Carolina Sánchez Páramo World Bank July 21, 2009 Carolina Sánchez Páramo World Bank July 21, 2009 Relationship between ideology of governing party and poverty/inequality in 2000 2006? Ideology poverty/inequality Focus on Frequency of poverty/inequality

More information

Labour markets. Carla Canelas

Labour markets. Carla Canelas Labour markets Carla Canelas 20.10.2016 1 / 37 Table of contents Introduction Basic definitions World labour force Labour markets in developing countries Formal and informal employment References 2 / 37

More information

Reducing poverty amidst high levels of inequality: Lessons from Latin America and the Caribbean

Reducing poverty amidst high levels of inequality: Lessons from Latin America and the Caribbean STRATEGIES FOR ERADICATING POVERTY TO ACHIEVE SUSTAINABLE DEVELOPMENT FOR ALL Reducing poverty amidst high levels of inequality: Lessons from Latin America and the Caribbean Simone Cecchini Social Development

More information

SECTION. Globalization and Women s Work

SECTION. Globalization and Women s Work SECTION II Globalization and Women s Work 2 Women in the Latin American Labor Market: The Remarkable 199s Suzanne Duryea Alejandra Cox Edwards Manuelita Ureta Despite widespread reforms enacted in Latin

More information

March 2016 Potential and Outlook for the

March 2016 Potential and Outlook for the March 2016 Potential and Outlook for the Pacific Alliance Outline 1 Pacific Alliance: aiming for integration into the global economy 2 Pacific Alliance: outlook and challenges Page 2 China United States

More information

Poverty Reduction and Economic Management The World Bank

Poverty Reduction and Economic Management The World Bank Financiamento del Desarollo Productivo e Inclusion Social Lecciones para America Latina Danny Leipziger Vice Presidente Poverty Reduction and Economic Management, Banco Mundial LAC economic growth has

More information

Did NAFTA Help Mexico? An Assessment After 20 Years February 2014

Did NAFTA Help Mexico? An Assessment After 20 Years February 2014 Did NAFTA Help Mexico? An Assessment After 20 Years February 2014 Mark Weisbrot Center for Economic and Policy Research www.cepr.net Did NAFTA Help Mexico? Since NAFTA, Mexico ranks 18th of 20 Latin American

More information

FORMS OF WELFARE IN LATIN AMERICA: A COMPARISON ON OIL PRODUCING COUNTRIES. Veronica Ronchi. June 15, 2015

FORMS OF WELFARE IN LATIN AMERICA: A COMPARISON ON OIL PRODUCING COUNTRIES. Veronica Ronchi. June 15, 2015 FORMS OF WELFARE IN LATIN AMERICA: A COMPARISON ON OIL PRODUCING COUNTRIES Veronica Ronchi June 15, 2015 0 Wellness is a concept full of normative and epistemological meanings welfare state is a system

More information

The repercussions of the crisis on the countries of Latin America and the Caribbean

The repercussions of the crisis on the countries of Latin America and the Caribbean The repercussions of the crisis on the countries of Latin America and the Caribbean Second Meeting of Ministers of Finance of the Americas and the Caribbean Viña del Mar (Chile), 3 July 29 1 Alicia Bárcena

More information

Globalization, economic growth, employment and poverty. The experiences of Chile and Mexico

Globalization, economic growth, employment and poverty. The experiences of Chile and Mexico Globalization, economic growth, employment and poverty. The experiences of Chile and Mexico Alicia Puyana FLACSO Paper presented at the Conference on Globalization and Employment: Global Shocks, Structural

More information

THE AMERICAS. The countries of the Americas range from THE AMERICAS: QUICK FACTS

THE AMERICAS. The countries of the Americas range from THE AMERICAS: QUICK FACTS THE AMERICAS THE AMERICAS The countries of the Americas range from the continent-spanning advanced economies of Canada and the United States to the island microstates of the Caribbean. The region is one

More information

Working Paper No. 2011/93 Inequality in Education. Guillermo Cruces 1, Carolina García Domench 2, and Leonardo Gasparini 2

Working Paper No. 2011/93 Inequality in Education. Guillermo Cruces 1, Carolina García Domench 2, and Leonardo Gasparini 2 Working Paper No. 2011/93 Inequality in Education Evidence for Latin America Guillermo Cruces 1, Carolina García Domench 2, and Leonardo Gasparini 2 December 2011 Abstract This paper provides original

More information

Globalization and social development

Globalization and social development GLOBALIZATION AND SOCIAL DEVELOPMENT CHAPTER 10 Chapter 10 Globalization and social development The recent phase of globalization has drawn increasing attention to the region s persistent social deficits,

More information

How Is the Slowdown Affecting Households in Latin America and the Caribbean?

How Is the Slowdown Affecting Households in Latin America and the Caribbean? Policy Research Working Paper 7948 WPS7948 How Is the Slowdown Affecting Households in Latin America and the Caribbean? Oscar Calvo-González R. Andrés Castañeda Maria Gabriela Farfán Germán Reyes Liliana

More information

Daniel Kaufmann, Brookings Institution

Daniel Kaufmann, Brookings Institution Reset Within Russia?: A Comparative Governance Perspective Daniel Kaufmann, Brookings Institution Presentation at the Public Conference The Risks of the Reset, at the Heritage Foundation, Washington, D.C.,

More information

Reducing poverty amidst high levels of inequality: Lessons from Latin America and the Caribbean

Reducing poverty amidst high levels of inequality: Lessons from Latin America and the Caribbean Reducing poverty amidst high levels of inequality: Lessons from Latin America and the Caribbean Simone Cecchini, Senior Social Affairs Officer, Social Development Division Economic Commission for Latin

More information

Human Capital Policies: What they Can and Cannot Do for Productivity and Poverty Reduction in Latin America

Human Capital Policies: What they Can and Cannot Do for Productivity and Poverty Reduction in Latin America Inter-American Development Bank Banco Interamericano de Desarrollo (BID) Research department Departamento de investigación Working Paper #468 Human Capital Policies: What they Can and Cannot Do for Productivity

More information

Working to End Poverty in Latin America and the Caribbean Workers, Jobs, and Wages

Working to End Poverty in Latin America and the Caribbean Workers, Jobs, and Wages Public Disclosure Authorized Public Disclosure Authorized June 2015 Working to End Poverty in Latin America and the Caribbean Workers, Jobs, and Wages Document of the World Bank 97209 Public Disclosure

More information

Combating poverty and hunger

Combating poverty and hunger THE MILLENNIUM DEVELOPMENT GOALS: A LATIN AMERICAN AND CARIBBEAN PERSPECTIVE Chapter II Combating poverty and hunger The first Millennium Development Goal is to eradicate extreme poverty and hunger. While

More information

The Road Ahead. What should be done to improve capacity of developing countries to finance trade

The Road Ahead. What should be done to improve capacity of developing countries to finance trade The Road Ahead What should be done to improve capacity of developing countries to finance trade Rubens V. Amaral Jr. CEO, Bladex Geneva, March 27 th 2015 a) Latin America context - Trade Finance Availability

More information

World Macroeconomic Overview

World Macroeconomic Overview World Macroeconomic Overview Erik Hurst V. Duane Rath Professor of Economics University of Chicago Booth School of Business September 2015 1 Outline Part 1: A Primer on Economic Growth Part 2: Commodity

More information

Gold Standard Period. Interwar Period Import Substitution Lost Washington

Gold Standard Period. Interwar Period Import Substitution Lost Washington LAC s Long-Term Growth: Made in China? 2da Mesa Redonda sobre Comercio y Desarrollo Sostenible 7-8 de noviembre de 2011 Montevideo, Uruguay Chief Economist Office Latin America and the Caribbean The World

More information

GLOBAL MONITORING REPORT 2015/2016

GLOBAL MONITORING REPORT 2015/2016 GLOBAL MONITORING REPORT 215/216 Development Goals in an Era of Demographic Change MARCIO CRUZ DEVELOPMENT PROSPECTS GROUP Global Monitoring Report 215/216 Implications of Demographic Change: Pathways

More information

Non-Tariff Measures to Trade Economic and Policy Issues for Developing countries.

Non-Tariff Measures to Trade Economic and Policy Issues for Developing countries. United Nations Conference on Trade and Development Non-Tariff Measures to Trade Economic and Policy Issues for Developing countries. Prepared for the WTO workshop: The Effects of NTMs on the Exports of

More information

PRIVATE CAPITAL FLOWS RETURN TO A FEW DEVELOPING COUNTRIES AS AID FLOWS TO POOREST RISE ONLY SLIGHTLY

PRIVATE CAPITAL FLOWS RETURN TO A FEW DEVELOPING COUNTRIES AS AID FLOWS TO POOREST RISE ONLY SLIGHTLY The World Bank News Release No. 2004/284/S Contacts: Christopher Neal (202) 473-7229 Cneal1@worldbank.org Karina Manaseh (202) 473-1729 Kmanasseh@worldbank.org TV/Radio: Cynthia Case (202) 473-2243 Ccase@worldbank.org

More information

2005 WIDER Annual Lecture Why Inequality Matters in a Globalizing World

2005 WIDER Annual Lecture Why Inequality Matters in a Globalizing World 2005 WIDER Annual Lecture Why Inequality Matters in a Globalizing World Helsinki, October 26 Nancy Birdsall President Center for Global Development Washington, D.C. 1 Holy mackerel, the world is becoming

More information

Unpaid domestic work: its relevance to economic and social policies

Unpaid domestic work: its relevance to economic and social policies Unpaid domestic work: its relevance to economic and social policies Rebeca Grynspan Director, Economic Commission for Latin American and the Caribbean, Subregional Headquarters in Mexico. Conference on

More information

New Perspectives of Development for Latin America: Critiques of the Past and Proposals for the Future. Joseph E. S+glitz October 2015

New Perspectives of Development for Latin America: Critiques of the Past and Proposals for the Future. Joseph E. S+glitz October 2015 New Perspectives of Development for Latin America: Critiques of the Past and Proposals for the Future Joseph E. S+glitz October 2015 2004-13: good +mes for the region Recent years have not been so good

More information

Dollarization in Ecuador. Miguel F. Ricaurte. University of Minnesota. Spring, 2008

Dollarization in Ecuador. Miguel F. Ricaurte. University of Minnesota. Spring, 2008 Dollarization in Ecuador Miguel F. Ricaurte University of Minnesota Spring, 2008 My name is Miguel F. Ricaurte, and I am from ECUADOR and COSTA RICA: And I studied in Ecuador, Chile, and Kalamazoo, MI!

More information

for Latin America (12 countries)

for Latin America (12 countries) 47 Ronaldo Herrlein Jr. Human Development Analysis of the evolution of global and partial (health, education and income) HDI from 2000 to 2011 and inequality-adjusted HDI in 2011 for Latin America (12

More information

Presentation prepared for the event:

Presentation prepared for the event: Presentation prepared for the event: Inequality in a Lower Growth Latin America Monday, January 26, 2015 Woodrow Wilson International Center for Scholars Washington, D.C. Inequality in LAC: Explaining

More information

Measuring the impact of entrepreneurship policies: the contribution of the Index of Systemic Conditions for Dynamic Entrepreneurship (ICSEd-Prodem)

Measuring the impact of entrepreneurship policies: the contribution of the Index of Systemic Conditions for Dynamic Entrepreneurship (ICSEd-Prodem) Measuring the impact of entrepreneurship policies: the contribution of the Index of Systemic Conditions for Dynamic Entrepreneurship (ICSEd-Prodem) Investment, Enterprise and Development Commission 7 th

More information

A. Growing dissatisfaction with hyperglobalization

A. Growing dissatisfaction with hyperglobalization Contents A. Growing dissatisfaction with hyperglobalization B. The region s vulnerable participation in global trade C. A political scenario with new uncertainties A. Growing dissatisfaction with hyperglobalization

More information

Challenges of Latin America and the Caribbean in front of the current development crossroads

Challenges of Latin America and the Caribbean in front of the current development crossroads Challenges of Latin America and the Caribbean in front of the current development crossroads ANTONIO PRADO DEPUTY EXECUTIVE SECRETARY Regional Meeting of the Ambassadors of Norway in Latin America Santiago,

More information

HAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues

HAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues HAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues Regional Economic Prospects May 2018 Stronger growth momentum: Growth in Q3 2017 was the strongest since Q3 2011

More information

Emerging Market Consumers: A comparative study of Latin America and Asia-Pacific

Emerging Market Consumers: A comparative study of Latin America and Asia-Pacific Emerging Market Consumers: A comparative study of Latin America and Asia-Pacific Euromonitor International ESOMAR Latin America 2010 Table of Contents Emerging markets and the global recession Demographic

More information

U.S.-Latin America Trade: Recent Trends

U.S.-Latin America Trade: Recent Trends Order Code 98-840 Updated May 18, 2007 U.S.-Latin America Trade: Recent Trends Summary J. F. Hornbeck Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Since congressional

More information

Find us at: Subscribe to our Insights series at: Follow us

Find us at:   Subscribe to our Insights series at: Follow us . Find us at: www.lapopsurveys.org Subscribe to our Insights series at: insight@mail.americasbarometer.org Follow us at: @Lapop_Barometro China in Latin America: Public Impressions and Policy Implications

More information

Free Trade in the Americas FTAA

Free Trade in the Americas FTAA Free Trade in the Americas FTAA Pattama Teanravistsagool and Nelson Villoria Amer Syud and Misa Okaba Alvaro Durand-Morat and Patrick Osakwe Nizwar Syafa At and Atsuyuki Uebayash FTAA the base case and

More information

WORLD RADIOLOGY DAY CELEBRATION 2013

WORLD RADIOLOGY DAY CELEBRATION 2013 WORLD RADIOLOGY DAY CELEBRATION 2013 CURRENT STATUS OF RADIOLOGY IN LATIN AMERICA AND THE CARIBBEAN GLORIA SOTO GIORDANI President Inter American College of Radiology (CIR) Latin America 20 countries:

More information

HURRICANE KATRINA AND ITS IMPACT ON LATIN AMERICA

HURRICANE KATRINA AND ITS IMPACT ON LATIN AMERICA Issue No. 231 - November 2005 HURRICANE KATRINA AND ITS IMPACT ON LATIN AMERICA This issue of the FAL Bulletin contains the report prepared jointly in September 2005 by three ECLAC divisions (the Division

More information

MIGRATION TRENDS IN SOUTH AMERICA

MIGRATION TRENDS IN SOUTH AMERICA South American Migration Report No. 1-217 MIGRATION TRENDS IN SOUTH AMERICA South America is a region of origin, destination and transit of international migrants. Since the beginning of the twenty-first

More information

By Giovanni di Cola Officer in Charge, ILO Decent Work Team and Office for the Caribbean and

By Giovanni di Cola Officer in Charge, ILO Decent Work Team and Office for the Caribbean and By Giovanni di Cola Officer in Charge, ILO Decent Work Team and Office for the Caribbean and Youth Women Indigenous Persons Migrant workers Domestic Workers Persons with disability Vulnerable Groups The

More information

remain in favor of the moves made to help Mexico for three reasons.

remain in favor of the moves made to help Mexico for three reasons. LATIN AMERICA'S ECONOMIC BOOM: THE U.S. PERSPECTIVE Remarks by Robert P. Forrestal President and Chief Executive Officer Federal Reserve Bank of Atlanta Florida International Bankers Association Miami,

More information

Trade facilitation and paperless. trade implementation in. Latin America and the Caribbean

Trade facilitation and paperless. trade implementation in. Latin America and the Caribbean Trade facilitation and paperless trade implementation in Latin America and the Caribbean Regional Report 2017 Trade facilitation and paperless trade implementation in Latin America and the Caribbean Regional

More information

The global financial crisis and developing countries Taking Stock and Taking Action

The global financial crisis and developing countries Taking Stock and Taking Action The global financial crisis and developing countries Taking Stock and Taking Action Dr Dirk Willem te Velde Overseas Development Institute ODI meeting: 21 September 2009, London Outline Taking stock Global

More information

LSE Global South Unit Policy Brief Series

LSE Global South Unit Policy Brief Series ISSN 2396-765X LSE Policy Brief Series Policy Brief No.1/2018. The discrete role of Latin America in the globalization process. By Iliana Olivié and Manuel Gracia. INTRODUCTION. The global presence of

More information

Hilde C. Bjørnland. BI Norwegian Business School. Advisory Panel on Macroeconomic Models and Methods Oslo, 27 November 2018

Hilde C. Bjørnland. BI Norwegian Business School. Advisory Panel on Macroeconomic Models and Methods Oslo, 27 November 2018 Discussion of OECD Deputy Secretary-General Ludger Schuknecht: The Consequences of Large Fiscal Consolidations: Why Fiscal Frameworks Must Be Robust to Risk Hilde C. Bjørnland BI Norwegian Business School

More information

comercio internacional

comercio internacional S E R I E comercio internacional 9 T rade and investment promotion between Asia- Pacific and Latin America: Present position and future prospects Mikio Kuwayama José Carlos Mattos Jaime Contador International

More information

Earnings Inequality, Educational Attainment and Rates of Returns to Education after Mexico`s Economic Reforms

Earnings Inequality, Educational Attainment and Rates of Returns to Education after Mexico`s Economic Reforms Latin America and the Caribbean Region The World Bank Poverty Reduction and Economic Management Division The World Bank Earnings Inequality, Educational Attainment and Rates of Returns to Education after

More information

Gross Domestic Product in the Main. Economies of Latin America ( )

Gross Domestic Product in the Main. Economies of Latin America ( ) Contemporary Engineering Sciences, Vol. 12, 2019, no. 1, 19-31 HIKARI Ltd, www.m-hikari.com https://doi.org/10.12988/ces.2019.812612 Gross Domestic Product in the Main Economies of Latin America (2015-2017)

More information

AmericasBarometer Insights: 2010 (No.34) * Popular Support for Suppression of Minority Rights 1

AmericasBarometer Insights: 2010 (No.34) * Popular Support for Suppression of Minority Rights 1 Canada), and a web survey in the United States. 2 A total of 33,412 respondents were asked the following question: Figure 1. Average Support for Suppression of Minority Rights in the Americas, 2008 AmericasBarometer

More information

Dealing with Government in Latin America and the Caribbean 1

Dealing with Government in Latin America and the Caribbean 1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized WORLD BANK GROUP LATIN AMERICA AND THE CARIBBEAN SERIES NOTE NO. 6 REV. 8/14 Basic Definitions

More information

Education, structural change and inclusive growth in. Latin America

Education, structural change and inclusive growth in. Latin America Education, structural change and inclusive growth in Latin America Education, structural change and inclusive growth in Latin America Economic Commission for Latin America and the Caribbean (ECLAC) Alicia

More information

The Initiative. Towards the Eradication of Child Under nutrition in Latin America & the Caribbean by Latin America & the Caribbean

The Initiative. Towards the Eradication of Child Under nutrition in Latin America & the Caribbean by Latin America & the Caribbean The Initiative Latin America & the Caribbean Towards the Eradication of Child Under nutrition in Latin America & the Caribbean by 2015 Delivered by: Pedro Medrano Regional Director United Nations World

More information

International Business

International Business International Business 10e By Charles W.L. Hill Copyright 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter

More information

Economic. and Social. Panorama. of the Community of Latin American. and Caribbean States,

Economic. and Social. Panorama. of the Community of Latin American. and Caribbean States, Economic and Social Panorama of the Community of Latin American and Caribbean States, 214 Alicia Bárcena Executive Secretary Antonio Prado Deputy Executive Secretary Luis Fidel Yáñez Officer in Charge,

More information

How Distance Matters: Comparing the Causes and Consequence of Emigration from Mexico and Peru

How Distance Matters: Comparing the Causes and Consequence of Emigration from Mexico and Peru How Distance Matters: Comparing the Causes and Consequence of Emigration from Mexico and Peru Ayumi Takenaka & Karen A. Pren May 2008 Latino migrants are heterogeneous Latino migrants are heterogeneous

More information

Chapter Nine. Regional Economic Integration

Chapter Nine. Regional Economic Integration Chapter Nine Regional Economic Integration Introduction 9-3 One notable trend in the global economy in recent years has been the accelerated movement toward regional economic integration - Regional economic

More information

Natural resources, electoral behaviour and social spending in Latin America

Natural resources, electoral behaviour and social spending in Latin America Natural resources, electoral behaviour and social spending in Latin America Miguel Niño-Zarazúa, UNU-WIDER (with T. Addison, UNU-WIDER and JM Villa, IDB) Overview Background The model Data Empirical approach

More information

The Political Challenges of Economic Reforms in Latin America. Overview of the Political Status of Market-Oriented Reform

The Political Challenges of Economic Reforms in Latin America. Overview of the Political Status of Market-Oriented Reform The Political Challenges of Economic Reforms in Latin America Overview of the Political Status of Market-Oriented Reform Political support for market-oriented economic reforms in Latin America has been,

More information

Governing Body 312th Session, Geneva, November 2011

Governing Body 312th Session, Geneva, November 2011 INTERNATIONAL LABOUR OFFICE Governing Body 312th Session, Geneva, November 2011 Institutional Section INS THIRD ITEM ON THE AGENDA Matters arising out of the work of the 100th Session (2011) of the International

More information

Welfare, inequality and poverty

Welfare, inequality and poverty 97 Rafael Guerreiro Osório Inequality and Poverty Welfare, inequality and poverty in 12 Latin American countries Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, El Salvador, Mexico, Paraguay, Peru,

More information

INTERNATIONAL MIGRATION IN THE AMERICAS

INTERNATIONAL MIGRATION IN THE AMERICAS INTERNATIONAL MIGRATION IN THE AMERICAS SICREMI 2012 EXECUTIVE SUMMARY Organization of American States Organization of American States INTERNATIONAL MIGRATION IN THE AMERICAS Second Report of the Continuous

More information

Globalization and decent work in the Americas

Globalization and decent work in the Americas Globalization and decent work in the Americas Fifteenth American Regional Meeting Lima, December 2002 Report of the Director-General International Labour Office This report may also be consulted on the

More information

2004 Labour Overview: Latin America and the Caribbean

2004 Labour Overview: Latin America and the Caribbean Cornell University ILR School DigitalCommons@ILR International Publications Key Workplace Documents December 2004 2004 Labour Overview: Latin America and the Caribbean International Labour Office, Regional

More information

Lessons from NAFTA for Latin American and Caribbean (LAC) Countries: A Summary of Research Findings

Lessons from NAFTA for Latin American and Caribbean (LAC) Countries: A Summary of Research Findings Lessons from NAFTA for Latin American and Caribbean (LAC) Countries: A Summary of Research Findings Introduction Daniel Lederman, William F. Maloney, and Luis Servén 1 Office of the Chief Economist for

More information

Latin America: Still Searching for Stability

Latin America: Still Searching for Stability Latin America: Still Searching for Stability World Geographic Shares 133.8 Million Sq. Kilometers North America South America Europe Africa Asia Australia/ Oceania 18% 13% 7% 22% 33% 6% World Population

More information

New Economical, Political and Social Trends in Latin America, and the Demands for Participation

New Economical, Political and Social Trends in Latin America, and the Demands for Participation New Economical, Political and Social Trends in Latin America, and the Demands for Participation Bernardo Kliksberg DPADM/DESA/ONU 21 April, 2006 AGENDA 1. POLITICAL CHANGES 2. THE STRUCTURAL ROOTS OF THE

More information

Latin America in the New Global Order. Vittorio Corbo Governor Central Bank of Chile

Latin America in the New Global Order. Vittorio Corbo Governor Central Bank of Chile Latin America in the New Global Order Vittorio Corbo Governor Central Bank of Chile Outline 1. Economic and social performance of Latin American economies. 2. The causes of Latin America poor performance:

More information

Latin American Political Economy: The Justice System s Role in Democratic Consolidation and Economic Development

Latin American Political Economy: The Justice System s Role in Democratic Consolidation and Economic Development Latin American Political Economy: The Justice System s Role in Democratic Consolidation and Economic Development Meredith Fensom Director, Law & Policy in the Americas Program University of Florida 1 November

More information

Central America's China Trade: Too Little, Too Late?

Central America's China Trade: Too Little, Too Late? Central America's China Trade: Too Little, Too Late? Rolando Avendaño, OECD Development Centre Jeff Dayton-Johnson, Monterey Institute of International Studies April 213 1. China's Opportunity for Latin

More information

Economics Honors Exam 2009 Solutions: Macroeconomics, Questions 6-7

Economics Honors Exam 2009 Solutions: Macroeconomics, Questions 6-7 Economics Honors Exam 2009 Solutions: Macroeconomics, Questions 6-7 Question 6 (Macroeconomics, 30 points). Please answer each question below. You will be graded on the quality of your explanation. a.

More information

Mexico s Update Global Spa & Wellness Summit. Aspen, CO June 4, 2012

Mexico s Update Global Spa & Wellness Summit. Aspen, CO June 4, 2012 Mexico s Update 2012 Global Spa & Wellness Summit Aspen, CO June 4, 2012 Macroeconomic Fundamentals Maastricht criteria ( 3% of GDP) Debt and deficit in 2011 Maastricht criteria ( 60% of GDP) Source: Bloomberg,

More information

6. Trade, Investment and Financial Stability

6. Trade, Investment and Financial Stability 6. Trade, Investment and Financial Stability MANDATE Free and open economies, market access, sustained flows of investment, capital formation, financial stability, appropriate public policies, access to

More information

Better Lives. Better Spending for. How Latin America and the Caribbean Can Do More with Less. Chapter 7 DEVELOPMENT IN THE AMERICAS

Better Lives. Better Spending for. How Latin America and the Caribbean Can Do More with Less. Chapter 7 DEVELOPMENT IN THE AMERICAS DEVELOPMENT IN THE AMERICAS Better Spending for Better Lives How Latin America and the Caribbean Can Do More with Less Chapter 7 Edited by Alejandro Izquierdo, Carola Pessino, and Guillermo Vuletin Better

More information

Merit, Luck, and the Exogenous Determinants of Government Success

Merit, Luck, and the Exogenous Determinants of Government Success Merit, Luck, and the Exogenous Determinants of Government Success Daniela Campello Cesar Zucco IPES October 2013 Question Research Agenda Can voters distinguish merit from luck in the management of the

More information

Social stratification under tension in a globalized era

Social stratification under tension in a globalized era CEPAL REVIEW CEPAL 72 REVIEW DECEMBER 72 2000 7 Social stratification under tension in a globalized era Emilio Klein Sociologist, Multidisciplinary Technical Team, International Labour Organization (ILO),

More information

ADDRESSING THE ISSUE OF YOUTH UNEMPLOYMENT: ISSUES AND THE CAUSES. Samuel Freije World Development Report 2013 Team, World Bank

ADDRESSING THE ISSUE OF YOUTH UNEMPLOYMENT: ISSUES AND THE CAUSES. Samuel Freije World Development Report 2013 Team, World Bank ADDRESSING THE ISSUE OF YOUTH UNEMPLOYMENT: ISSUES AND THE CAUSES Samuel Freije World Development Report 2013 Team, World Bank A growing concern about jobs The global financial crisis resulted in massive

More information

OFFICIAL DEVELOPMENT ASSISTANCE AND THE FIGHT AGAINST POVERTY AND HUNGER IN LATIN AMERICA AND THE CARIBBEAN

OFFICIAL DEVELOPMENT ASSISTANCE AND THE FIGHT AGAINST POVERTY AND HUNGER IN LATIN AMERICA AND THE CARIBBEAN OFFICIAL DEVELOPMENT ASSISTANCE AND THE FIGHT AGAINST POVERTY AND HUNGER IN LATIN AMERICA AND THE CARIBBEAN Regional Consultations on the Economic and Social Council Annual Ministerial Review Ministry

More information

Growth and Migration to a Third Country: The Case of Korean Migrants in Latin America

Growth and Migration to a Third Country: The Case of Korean Migrants in Latin America JOURNAL OF INTERNATIONAL AND AREA STUDIES Volume 23, Number 2, 2016, pp.77-87 77 Growth and Migration to a Third Country: The Case of Korean Migrants in Latin America Chong-Sup Kim and Eunsuk Lee* This

More information

The Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen

The Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen The Impact of the Global Economic Crisis on Central and Eastern Europe Fourth Central European CEMS Conference Warsaw, February 25, 211 Mark Allen Senior IMF Resident Representative for Central and Eastern

More information

Mortgage Program for Mexican Migrant Workers. Second International Conference on Migrant Remittances London, November 2006

Mortgage Program for Mexican Migrant Workers. Second International Conference on Migrant Remittances London, November 2006 Mortgage Program for Mexican Migrant Workers Second International Conference on Migrant Remittances London, November 2006 Contents 5 I. Introduction II. Mi Casa Program in Mexico What is SHF 6 Government

More information

UNRISD UNITED NATIONS RESEARCH INSTITUTE FOR SOCIAL DEVELOPMENT

UNRISD UNITED NATIONS RESEARCH INSTITUTE FOR SOCIAL DEVELOPMENT UNRISD UNITED NATIONS RESEARCH INSTITUTE FOR SOCIAL DEVELOPMENT Comments by Andrés Solimano* On Jayati Ghosh s Presentation Macroeconomic policy and inequality Política macroeconómica y desigualdad Summary

More information

Doing business in Latin America: What makes it different?

Doing business in Latin America: What makes it different? Doing business in Latin America: What makes it different? Günter Müller-Stewens in: IAM Newsletter, Number 5, 2014 In the shadow of the Asian economic miracle, the social change in and economic growth

More information

KPMG: 2013 Change Readiness Index Assessing countries' ability to manage change and cultivate opportunity

KPMG: 2013 Change Readiness Index Assessing countries' ability to manage change and cultivate opportunity KPMG: 2013 Change Readiness Index Assessing countries' ability to manage change and cultivate opportunity Graeme Harrison, Jacqueline Irving and Daniel Miles Oxford Economics The International Consortium

More information

Back to the Future: Latin America s Current Development Strategy

Back to the Future: Latin America s Current Development Strategy THE IDEAs WORKING PAPER SERIES Paper no. 07/2008 Back to the Future: Latin America s Current Development Strategy Esteban Pérez Caldentey and Matías Vernengo Abstract From 2002 to 2006, Latin America registered

More information

Latin America's Energy Outlook:

Latin America's Energy Outlook: Latin America's Energy Outlook: Not All Countries Are the Same - or Behave the Same." Sponsored & hosted by: InterCall Inc. (Please enable your computer speakers to hear the audio broadcast) Latin America

More information

Non-Tariff Measures Meeting Geneva, 5 October 2016 MAST group and PRONTO

Non-Tariff Measures Meeting Geneva, 5 October 2016 MAST group and PRONTO Non-Tariff Measures Meeting Geneva, 5 October 2016 MAST group and PRONTO Ralf Peters UNCTAD Non-Tariff Measures: Broad Range of Policies NTMs: Policy measures, other than ordinary customs tariffs, that

More information

AmericasBarometer Insights: 2014 Number 105

AmericasBarometer Insights: 2014 Number 105 AmericasBarometer Insights: 2014 Number 105 Bridging Inter American Divides: Views of the U.S. Across the Americas By laura.e.silliman@vanderbilt.edu Vanderbilt University Executive Summary. The United

More information

REMITTANCES TO LATIN AMERICA AND THE CARIBBEAN IN 2013: STILL BELOW PRE CRISIS LEVELS

REMITTANCES TO LATIN AMERICA AND THE CARIBBEAN IN 2013: STILL BELOW PRE CRISIS LEVELS REMITTANCES TO LATIN AMERICA AND THE CARIBBEAN IN 2013: STILL BELOW PRE CRISIS LEVELS Multilateral Investment Fund Member of the IDB Group REMITTANCES TO LATIN AMERICA AND THE CARIBBEAN IN 2013: STILL

More information

Discovering the signs of Dutch disease in Russia Mironov, Petronevich 2013 National Research University Higher School of Economics Institute

Discovering the signs of Dutch disease in Russia Mironov, Petronevich 2013 National Research University Higher School of Economics Institute Discovering the signs of Dutch disease in Russia Mironov, Petronevich 2013 National Research University Higher School of Economics Institute Development Center Paris School of Economics, Paris 1 Panthéon-Sorbonne

More information

Chart Collection for Morning Briefing

Chart Collection for Morning Briefing Chart Collection for Morning Briefing November 1, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 1 1 Figure 1. US TREASURY

More information

The Political Culture of Democracy in El Salvador and in the Americas, 2016/17: A Comparative Study of Democracy and Governance

The Political Culture of Democracy in El Salvador and in the Americas, 2016/17: A Comparative Study of Democracy and Governance The Political Culture of Democracy in El Salvador and in the Americas, 2016/17: A Comparative Study of Democracy and Governance Executive Summary By Ricardo Córdova Macías, Ph.D. FUNDAUNGO Mariana Rodríguez,

More information

Purchasing power parities for Latin America and the Caribbean, : methods and results

Purchasing power parities for Latin America and the Caribbean, : methods and results Purchasing power parities for Latin America and the Caribbean, 2005-2013: methods and results Hernán Epstein and Salvador Marconi ABSTRACT This work sets out some methodological aspects and gross domestic

More information