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Latin America and the Caribbean as Tailwinds Recede : In Search of Higher Growth, LAC Semiannual Report, April 2013

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  • Augusto de la Torre
  • Samuel Pienknagura
  • Eduardo Levy Yeyati

Abstract

This semiannual report — a product of the Office of the Chief Economist for Latin America and the Caribbean Region of the World Bank — examines the short and medium-term challenges for Latin America and the Caribbean (LAC) as the external factors that were instrumental in the region’s recent performance recede. Chapter 1 gives an overview of the global economy and its implications for the short- and medium-term prospects of the LAC region. Chapter 2 provides a detailed analysis of the general patterns of domestic demand and supply observed in LAC over the last decade. In particular we document the steady increase in LAC’s domestic demand, especially its investment component, as a share of GDP over the 2000s. Moreover, we show that the rise of domestic demand has occurred in tandem with an expansion of the services sector. We assess what are the pitfalls and challenges for LAC’s growth pattern in a less benign global environment.

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Paper provided by The World Bank in its series World Bank Other Operational Studies with number 13266.

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Handle: RePEc:wbk:wboper:13266

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Keywords: Industry Macroeconomics and Economic Growth Private Sector Development Social Protections and Labor;

References

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  1. McMillan, Margaret & Rodrik, Dani, 2012. "Globalization, structural change, and productivity growth:," IFPRI discussion papers 1160, International Food Policy Research Institute (IFPRI).
  2. Daron Acemoglu, 2002. "Directed Technical Change," Review of Economic Studies, Oxford University Press, vol. 69(4), pages 781-809.
  3. Azevedo, Joao Pedro & Davalos, Maria Eugenia & Diaz-Bonilla, Carolina & Atuesta, Bernardo & Castaneda, Raul Andres, 2013. "Fifteen years of inequality in Latin America : how have labor markets helped ?," Policy Research Working Paper Series 6384, The World Bank.
  4. Juan Esteban Carranza & Stefany Moreno, 2013. "Tamaño y estructura vertical de la cadena de producción industrial colombiana desde 1990," Borradores de Economia 751, Banco de la Republica de Colombia.
  5. Francisco H.G. Ferreira & Julian Messina & Jamele Rigolini & Luis-Felipe López-Calva & Maria Ana Lugo & Renos Vakis, 2013. "Economic Mobility and the Rise of the Latin American Middle Class," World Bank Publications, The World Bank, number 11858, October.
  6. Lustig, Nora & Lopez-Calva, Luis F. & Ortiz-Juarez, Eduardo, 2013. "Deconstructing the decline in inequality in Latin America," Policy Research Working Paper Series 6552, The World Bank.
  7. Eduardo Levy Yeyati & Ugo Panizza & Ernesto H. Stein, 2003. "The Cyclical Nature of North-South FDI Flows," IDB Publications 6502, Inter-American Development Bank.
  8. Pol Antras & Luis Garicano & Esteban Rossi-Hansberg, 2005. "Offshoring in a Knowledge Economy," Harvard Institute of Economic Research Working Papers 2067, Harvard - Institute of Economic Research.
  9. Bonhomme, Stephane & Hospido, Laura, 2012. "The Cycle of Earnings Inequality: Evidence from Spanish Social Security Data," IZA Discussion Papers 6669, Institute for the Study of Labor (IZA).
  10. Acemoglu, Daron & Autor, David, 2011. "Skills, Tasks and Technologies: Implications for Employment and Earnings," Handbook of Labor Economics, Elsevier.
  11. William Easterly & Michael Kremer & Lant Pritchett & Lawrence H. Summers, 1993. "Good Policy or Good Luck? Country Growth Performance and Temporary Shocks," NBER Working Papers 4474, National Bureau of Economic Research, Inc.
  12. Guillermo Cruces & Carolina García Domench & Leonardo Gasparini, 2012. "Inequality in Education: Evidence for Latin America," CEDLAS, Working Papers 0135, CEDLAS, Universidad Nacional de La Plata.
  13. Robert J. Barro & Jong-Wha Lee, 2010. "A New Data Set of Educational Attainment in the World, 1950–2010," NBER Working Papers 15902, National Bureau of Economic Research, Inc.
  14. Augusto de la Torre & Julian Messina & Samuel Pienknagura, . "The Labor Market Story Behind Latin America's Transformation : LAC Semiannual Report, October 2012," World Bank Other Operational Studies 11884, The World Bank.
  15. Juan Esteban Carranza & Stefany Moreno, 2013. "Tamaño y estructura vertical de la cadena de producción industrial colombiana desde 1990," BORRADORES DE ECONOMIA 010416, BANCO DE LA REPÚBLICA.
  16. repec:hrv:faseco:4784031 is not listed on IDEAS
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Cited by:
  1. de la Torre, Augusto & Didier, Tatiana & Pinat, Magali, 2014. "Can Latin America tap the globalization upside ?," Policy Research Working Paper Series 6837, The World Bank.
  2. Augusto de la Torre & Eduardo Levy Yeyati & Samuel Pienknagura, . "Latin America’s Deceleration and the Exchange Rate Buffer : LAC Semiannual Report, October 2013," World Bank Other Operational Studies 16107, The World Bank.
  3. Nora Lustig & Luis F. Lopez-Calva & Eduardo Ortiz-Juarez, 2013. "Deconstructing the Decline in Inequality in Latin America," Working Papers 1314, Tulane University, Department of Economics.

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