Growth, employment, and equity: The impact of the economic reforms in Latin America and the Caribbean

Over the last 15 years, countries in the region have made increasing use of structural reforms to turn their economies away from the closed, state-led economic model of the import-substitution industrialization period, toward greater market-orientation and openness to the rest of the world. Complementary aspects of this process have involved a higher priority for macroeconomic stability -especially in terms of lower inflation- and, more recently, greater social expenditure. Policymakers expected these changes to enhance productivity and boost economic growth, leading to job creation and greater equality.

Related Subject(s): Economic and Social Development
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