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Economic Survey of Latin America and the Caribbean 2016

The 2030 Agenda for Sustainable Development and the Challenges of Financing for Development

image of Economic Survey of Latin America and the Caribbean 2016

Published since 1948, This is the sixty-eighth edition of the Economic Survey of Latin America and the Caribbean, which corresponds to the year 2016, consists of three parts. Part I outlines the region’s economic performance in 2015 and analyses trends in the first half of 2016, as well as the outlook for the rest of the year. It examines the external and internal factors influencing the region’s economic performance and highlights some of the macroeconomic policy challenges that have arisen in an external context of weak growth and high levels of uncertainty. Part II analyses the challenges that the countries of Latin America and the Caribbean face at the domestic and international levels in mobilizing financing for development. On the domestic front, slower growth and tighter fiscal restrictions pose significant challenges for the mobilization of resources. Externally, the classification of many of the region’s countries in the middle-income category limits their access to concessional external financing or international support. Part III of this publication contains the notes relating to the economic performance of the countries of Latin America and the Caribbean in 2015 and the first half of 2016, together with their respective statistical annexes. The cut-off date for updating the statistical information in this publication was 30 June 2016.

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Regional overview

Global economic growth will continue to be lacklustre in 2016. Growth in developed countries, which was already weak, is set to slow, while developing countries on average are not expected to see any further deterioration in their growth rates, though they will remain lower than in the years before the economic crisis. For the rest of 2016, commodity prices are expected to remain close to the levels seen at the end of the first half, with no significant changes. Brexit1 has created new uncertainty and risks against the backdrop of an already vulnerable global economy and has resulted in lower —albeit not significantly— growth projections for Europe and the global economy this year. International financial markets are therefore likely to remain volatile. The main features observed in the international context that have affected and that will continue to affect the region’s economic performance for the rest of 2016 will now be described.

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