Latin America's Emergence in Global Services

A New Driver of Structural Change in the Region?

image of Latin America's Emergence in Global Services
Business services have been one of the fastest growing export areas in emerging economies over the past decade. The spread of information and communication technologies and the rise in trade liberalization have facilitated the global unbundling and offshoring of services activities from advanced to developing countries, including those in Latin America. The empirical and analytical insights in this volume document how several countries in Latin America have entered the offshore services sector both through the attraction of multinational companies and the internationalization of domestic service suppliers. The future of the offshore services sector in Latin America will depend on its ability to upgrade its knowledge - and skill-intensive product offerings. This will call for the development of domestic technical capabilities, the adoption of renewed industrial policies, the promotion of backward and forward linkages, and the continued upgrading of human capital and information technology-integrated manufacturing.




The financial and economic crisis of 2008-2009 and its aftermath have accelerated a number of structural shifts towards the global South in terms of global demand, production networks and global value chains (GVCs). The continued spread of information and communications technologies and the heightened imperative for cost savings through economies of scale and new sources of technical efficiency have combined to facilitate the unbundling of service activities. A broadening range of outsourced business services have been offshored to countries in the South. Rapid growth of trade in such services has been further facilitated by the liberalization of trade and investment in goods and services, whether pursued autonomously or negotiated in the context of preferential trade and investment agreements.


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