GFDD Joined Brookings Institution in the Discussion on Latin America’s Macroeconomic Outlook in an Increasingly Uncertain Global Context

On Thursday, October 2, 2014, GFDD participated in a discussion panel hosted by The Brookings Institution on “Latin America’s Macroeconomic Outlook in an Increasingly Uncertain Global Context”. Kemal Derviş Vice President and Director, Global Economy and Development at Brookings Institution moderated the event and presented the panelists who included:
José Juan Ruiz Gόmez, Chief Economist and Manager of the Research Department at the Inter-American Development Bank (IADB); Ernesto Talvi, Director, Brookings Global – CERES Economic and Social Policy in Latin America Initiative (ESPLA); Augusto de la Torre, Chief Economist for Latin American and the Caribbean at The World Bank; and Alejandro Werner, Director of the Western Hemisphere Department of the International Monetary Fund (IMF). The event was held at the Brookings
Institution facilities in Washington, D.C.

The discussion started with Mr. Telvi presenting the main conclusions of the recent paper published by ESPLA in September 2014: “Latin America Macroeconomic Outlook: A Global Perspective. Macroeconomic Vulnerabilities in an Uncertain World: One Region, Three Latin Americas”, and then panelists commented and answered questions from the audience.

Some of the main highlights of the event
included that the region will face low growth in the future (next 5-10 years). Experts mentioned the huge demand for the region to improve the public education system and innovation rates to increase our competitive advantages. They also stated that increased savings and greater total factor productivity are key elements to growth; increasing intra-regional trade and the integration to the global supply chain is also relevant, but emphasized that regional integration is not the
panacea.

Panelists also mentioned that a more active role of the private sector, public-private partnerships, increasing exports and the growth of multi-latinas companies are the main protagonists of the region’s future financing development strategy.

Read more:
Latin America Macroeconomic Outlook. A Global Perspective. Macroeconomic Vulnerabilities in an Uncertain World: One Region, Three Latin Americas. September 2014. Ernesto Talvi. Brookings Global-CERES, Economic and Social Policy in Latin America Initiative (ESPLA).