Latin American Economic Outlook 2015

Education, Skills and Innovation for Development

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The Latin American Economic Outlook is the OECD Development Centre’s annual analysis of economic developments in Latin America. It is produced in partnership with the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) as well as CAF, the development bank of Latin America. Each edition includes a detailed macroeconomic overview as well as analysis of how the global context is shaping economic performance in the region. The Latin American Economic Outlook also takes an in-depth look at a special theme related to development in Latin America, taking into account future strategic challenges and opportunities. The 2015 edition focuses on the role of education, skills and innovation for development, taking stock of the current situation in the region, identifying the main challenges and opportunities in these fields, and presenting a series of policy areas where action is needed to impulse Latin America’s development.

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Executive summary

OECD Development Centre

The pace of Latin American economic growth will be the slowest in the past five years. According to forecasts, the region’s economy will grow by 1.5-2% in 2014 (compared with 2.5% in 2013 and 2.9% in 2012), before recovering slightly in 2015 to 2.5-3%. External factors contribute to this slowdown, including lower commodity prices, mainly due to the economic slowdown in the People’s Republic of China, as well as the rising cost of external financing and more restrained capital inflow prospects. Although growth levels vary from one country to another, partly because of different economic management strategies, these projections signal the end of a ten-year period during which Latin America has seen higher growth than the OECD average.

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