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Latin America and the Caribbean in the World Economy 2013

A Sluggish Post-crisis, Mega Trade Negotiations and Value Chains - Scope for Regional Action

image of Latin America and the Caribbean in the World Economy 2013
The 2013 edition of this publication reviews the main features of a persistently weak global economy and world trade and then turns to global and regional trade trends and prospects. The publication considers the main changes in the organization of production and global trade associated with international production networks, which are at the heart of current mega-regional negotiations. It looks at how the region's countries are positioned in international production networks and value chains. It analyzes the main factors underpinning participation in production networks and value chains, as well as the implications they have for integration.

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The weak global economy takes a toll on Latin American and Caribbean trade

Projections at midyear 2013 suggest that the global economy will grow by less than forecast at the beginning of the year, despite improved financial conditions. The slowdown in emerging economies during the first half of the year led several international organizations to scale back their growth forecasts for the global economy this year. Between January and July 2013, the International Monetary Fund (IMF) (2013a) and United Nations (2013a) lowered their projections by between 0.1 percentage points and 0.2 percentage points, to 3.1%. This rate is the same as for 2012 and well below the annual average (4.8%) for the pre-crisis period (2003-2007). In the coming years, the global economy is expected to grow by about 4%, with developing countries accounting for the largest share. By contrast, the contribution of advanced economies will be limited by their persistent structural problems.

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