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The Labor Market Story Behind Latin America's Transformation
[El papel del mercado laboral en la transformación de América Latina]

Author

Listed:
  • Augusto de la Torre
  • Julian Messina
  • Samuel Pienknagura

Abstract

After a robust recovery following the global crisis, Latin American and the Caribbean (LAC) has entered into a phase of lower growth dynamics: economic activity in the region is expected to expand by about 3 percent in 2012, after having grown at 4 percent in 2011 and 6 percent in 2010. This deceleration is not specific to LAC but is part of a global slowdown. World growth is indeed declining sharply, from 4.5 percent in 2011 to about 2.3 percent in 2012. Notably, the slowdown in middle-income regions has taken place in a highly synchronized manner: growth rates in LAC, Eastern Europe and South East Asia have fallen by a very similar magnitude (about 3 percentage points) between 2010 and 2012. While this synchronization reflects exogenous (global) forces the spillover to emerging markets of weaker activity in the world's growth poles, particularly Europe and China it also reflects endogenous (internal) dynamics, particularly the fact that many Middle Income Countries (MIC) had already reached in 2010-2011 the peak of their own business cycles. This synchronicity notwithstanding, the 2012 growth forecasts for individual countries in LAC are significantly heterogeneous, reflecting complex interactions between external and country-specific factors. The first chapter, which is shorter, concerns the economic juncture and growth prospects. The second chapter, which is longer and more substantive, deals with selected labor issues from both the structural and cyclical viewpoints.

Suggested Citation

  • Augusto de la Torre & Julian Messina & Samuel Pienknagura, "undated". "The Labor Market Story Behind Latin America's Transformation
    [El papel del mercado laboral en la transformación de América Latina]
    ," World Bank Other Operational Studies 11884, The World Bank.
  • Handle: RePEc:wbk:wboper:11884
    as

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/11884/732890PUB0EPI00200pub0date010011012.pdf?sequence=1
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    Citations

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    Cited by:

    1. Augusto de la Torre & Alain Ize & Guillermo Beylis & Daniel Lederman, "undated". "Jobs, Wages and the Latin American Slowdown," World Bank Other Operational Studies 22709, The World Bank.
    2. 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.
    3. Augusto de la Torre & Eduardo Levy Yeyati & Samuel Pienknagura, "undated". "Latin America’s Deceleration and the Exchange Rate Buffer : LAC Semiannual Report, October 2013," World Bank Other Operational Studies 16107, The World Bank.
    4. repec:ijm:journl:v10:y:2017:i:1:p:73-105 is not listed on IDEAS
    5. Augusto de la Torre & Alain Ize & Samuel Pienknagura, "undated". "Latin America Treads a Narrow Path to Growth," World Bank Other Operational Studies 21699, The World Bank.
    6. Amarante, Verónica & Galván, Marco & Mancero, Xavier, 2016. "Inequality in Latin America: a global measurement," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    7. Augusto de la Torre & Samuel Pienknagura & Eduardo Levy Yeyati, "undated". "Latin America and the Caribbean as Tailwinds Recede : In Search of Higher Growth, LAC Semiannual Report, April 2013," World Bank Other Operational Studies 13266, The World Bank.
    8. Augusto de la Torre & Eduardo Levy Yeyati & Guillermo Beylis & Tatiana Didier & Carlos Rodriguez Castelan & Sergio Schmukler, "undated". "Inequality in a Lower Growth Latin America : LAC Semiannual Report, October 2014," World Bank Other Operational Studies 20413, The World Bank.
    9. repec:ijm:journl:v109:y:2017:i:1:p:73-105 is not listed on IDEAS

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