Avoiding a Lost Decade in Latin America and the Caribbean
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World Bank, Washington, DC
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World Bank Group President David Malpass discussed his work on development and the unique challenges facing Latin America during his 1984 trips to Honduras and Guatemala for the United States government. In addition to per capita gross domestic product, the World Bank recognizes the importance of non-economic measures of prosperity including access to electricity, clean water, health, education, and nutrition; environmental protection, biodiversity and resilience to climate change; and connectivity to people, information, and financial services. As shown in the recent report, Renewing with Growth, some countries in Latin America and the Caribbean (LAC) have strong capabilities in this area. For long-term growth, LAC needs a supportive business environment that is conducive for entrepreneurship. In many countries, it is important to address distortions induced by state ownership. Foreign direct investment can play a big role in improving competition and productivity. The LAC region has a great opportunity post pandemic to expand trade through more dynamic global value chains.
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ECONOMIC GROWTH, SHARED PROSPERITY, ACCESS TO ELECTRICITY, ACCESS TO HEALTH SERVICES, ACCESS TO WATER, ACCESS TO EDUCATION, NUTRITION, ENVIRONMENTAL PROTECTION, BIODIVERSITY, CLIMATE CHANGE RESILIENCE, CONNECTIVITY, FINANCIAL INCLUSION, BUSINESS REGULATION, STATE-OWNED ENTERPRISES, FOREIGN DIRECT INVESTMENT, GLOBAL VALUE CHAIN