Latin America and the Caribbean economies have recovered to their pre-pandemic levels and the region has regained some sense of normalcy, but economies need to be reignited in order to avoid a new low-growth cycle. Social and infrastructure investments can be key drivers of growth and shared prosperity, according to a new World Bank report, "New Approaches to Closing the Fiscal Gap” released on October 4, 2022. The report estimates regional GDP will grow by 3.0 percent in 2022, a higher than previously expected rate due to rising commodities prices. However, strong global uncertainty as a result of the war in Ukraine, higher interest rates in developed countries and the persistent inflationary pressures will impact economies in the region. Low growth rates of 1.6 and 2.3 are expected in 2023 and 2024, respectively, similar to the lackluster levels of the decade of 2010 and insufficient to achieve significant progress in reducing poverty. Inflation, while for most countries is at OECD levels, will require continued efforts to reduce to previous target levels.
At this seminar, William Maloney, Chief Economist for Latin America and the Caribbean region, shared the main findings of the report. This seminar will be held in English, without translation into Japanese.
8am-9am, Tuesday, October 25, 2022 (Japan Standard Time)
Chief Economist for Latin America and the Caribbean Region, World Bank