Latin America and the Caribbean economies have proven relatively resilient in the wake of increasing debt stress, inflation and rising global uncertainty. But new headwinds in the form of lower commodity prices, higher interest rates in developed countries and China’s unsteady recovery could potentially turn the region’s prospects bleak. In order to boost much needed growth, countries should preserve their hard-won resilience and seize the unique opportunities global economy trends offer in nearshoring - moving production closer to home markets, and the green industry, according to a new World Bank report, The Promise of Integration, Opportunities in a Changing Global Economy. The report estimates regional GDP will grow by 1.4 percent in 2023, a lower-than-expected rate. Rates of 2.4 percent are expected for 2024 and 2025, too low to make significant progress in poverty reduction.
At this seminar, William Maloney, Chief Economist for Latin America and the Caribbean, shared the main findings of the report.
8am-9am, Tuesday, April 18, 2023 (Japan Standard Time)
Chief Economist for Latin America and the Caribbean Region, World Bank