Economic Survey of Latin America and the Caribbean 2013

Three Decades of Uneven and Unstable Growth

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The Economic Survey of Latin America and the Caribbean 2013 analyses the policies required to improve the perspectives of sustainable regional growth. It reviews the links between economic growth, investment and employment, as well as the fiscal and monetary policies, industrial, trade and social policies relevant for short and long-term growth. Special attention is given to regional key issues such as its structural heterogeneity, its high levels of inequality and the challenges of environmental sustainability. Additionally, the region’s economic evolution during the first semester of 2013 is analyzed in this survey.

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Income and aggregate demand over the past three decades

This chapter tracks economic growth in Latin America and the Caribbean over the past three decades from the perspective of aggregate demand. It starts by describing the path that growth and functional income distribution have followed in the region and then explains the impact that changes in the terms of trade have had on the growth of gross national disposable income, stressing how they have shaped that economic growth in a number of countries over the past decade. It goes on to discuss the growing contributions that consumption and net exports are making to GDP expansion in a context of trade openness. The chapter concludes with an assessment of investment, highlighting its relationship with installed capacity utilization and, in particular, with income growth, noting its substantial accelerator effect in the region.

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