Economic Survey of Latin America and the Caribbean 2014

Challenges to Sustainable Growth in a new External Context

image of Economic Survey of Latin America and the Caribbean 2014
The Economic Survey of Latin America and the Caribbean 2014 looks at how economic growth in the region has been slowing since 2011, and the data available for the first six months of 2014 indicate that the region will not match the growth rate of 2.5% recorded in 2013. Growth has been muted over the first few months of the year, owing to stagnant gross fixed capital formation and faltering private consumption. Government consumption, on the other hand, has picked up, and the net contribution of exports has been more positive than during the same period of the previous year. A regional growth rate of 2.2% is forecast for 2014.

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Regional overview

During the years following the 2008-2009 economic and financial crisis, economic growth in Latin America and the Caribbean was driven primarily by surging consumption. Gross fixed capital formation did not rally across the board; external demand did not return to the dramatic expansion it had seen before. Contributing factors were the deepening of the crisis in the European Union, the slowdown and incipient realignment of economic growth in China and the sagging pace of expansion of other emerging economies such as India.

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