Resource information
Over the last decade, the countries of
the Latin America and the Caribbean region experienced a
deep economic and social transformation which lifted
millions out of poverty and swelled the ranks of the middle
class. Strong economic growth driven by both domestic
reforms and a favorable global economic environment, was
responsible for this progress. Complementary social
programs, made possible by growing fiscal space, helped
finance programs that supported the poor and disadvantaged.
Economic tailwinds have now receded and much of the region
is now working to hold on to the recent economic and social
gains. Governments are having to adjust to the new global
conditions which an increasing number of analysts are
regarding as 'the new normal'. This means that the
region will need to work harder to (i) revive economic
growth through productivity gains and stable macroeconomic
policies; (ii) invest in sustainable cities and
infrastructure for an increasingly urban population; and
(iii) help the poor get out of poverty through quality
education and health services and affordable social
protection programs.
