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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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Economic growth and productivity in Latin America and the Caribbean

Over the past 30 years, economic growth has tended to be low and unstable in Latin America and the Caribbean, as was noted in the 2013 edition of the Economic Survey (ECLAC, 2013b). The analysis presented in this chapter helps explain the factors behind this poor performance, and discusses the challenges the region faces in achieving long-term growth, taking the most immediate determinants into account. A number of exercises, designed to quantify the factors that have driven growth, were therefore carried out on the basis of a “growth accounting” approach. The aim of this analysis is to identify elements that can help gear public policies towards raising growth rates sustainably for the economies of Latin America and the Caribbean.

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