Latin America and the Caribbean in the World Economy 2011-2012

Continuing Crisis in the Centre and New Opportunities for Developing Economies

image of Latin America and the Caribbean in the World Economy 2011-2012
The 2011-2012 edition focuses on the theme of continuing crisis in the centre and new opportunities for developing economies. Chapter I examines the difficult international economic situation and the outlook for the rest of the decade. Chapter II takes stock of the boom in commodity prices that began around 2003 and its evolving impact on the value of the region’s exports, drawing particular attention to the growing role of developing Asia, especially China, as a destination for commodity exports from Latin America and the Caribbean. Chapter III looks at recent performance and the short-term outlook for trade and economic integration in the region. It analyses foreign trade trends in Latin America and the Caribbean in 2011 and 2012 by main trading partner and category of product for the region overall and for the subregions. Chapter IV examines the international integration of Latin America and the Caribbean in relation to the trends discussed in the rest of the document.

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The complex reordering of the global economy

Global economic turmoil and uncertainty heightened in mid-2012, particularly in the euro zone, sapping a recovery that was already the slowest in 40 years. The global economy faltered in the last quarter of 2011 following the delay by the industrialized countries in taking a tougher fiscal policy stance amid further global financial market troubles. The opening months of 2012 brought an uptick in industrial output and capital goods sales and imports as the result of new monetary and structural measures in the euro zone and less restrictive monetary policy in the emerging countries. Starting in May, however, difficulties in the euro zone reversed much of the progress made in preceding months.

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