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Uncertain Times

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Uncertain Times

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5 min read
5 take-aways
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Unless countries in Latin America institute major reforms, the region’s economic future could be quite bleak.

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Editorial Rating

8

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Recommendation

Latin America saw rapid economic development between 2004 and 2013, and after the 2008 financial crisis, the region stood out as a bright spot on an otherwise dark economic horizon. Today, however, prospects are very different. Beginning in 2014, several Latin American economies stumbled as commodity prices plummeted and global trade fell off. Economist José Antonio Ocampo explains the reforms the region must undertake to regain its place on the world economic stage. His concise article provides insights into how Latin America should address slow growth. getAbstract recommends it to executives and economists interested in the region’s future.

Summary

Latin America rebounded after its “lost decade” in the 1980s to enjoy an outstanding period of socioeconomic progress from 2004 to 2013, the “Latin American decade.” By 2001, the area’s inflation had moderated to single digits, a far cry from the nearly 1,200% inflation in 1990, while low external-debt-to-GDP ratios allowed nations to gain cheap access to capital markets. Latin America’s strongest growth since the early 1970s, 5.2%, took place between 2004 and 2008, and while an acute slump hit in 2009, a rapid recovery raised growth to an average 4.1% per year between 2010 ...

About the Author

José Antonio Ocampo, a professor at Columbia University, has held various high-level economic posts at the United Nations and in Latin America.

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