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Latin American Economic Outlook 2019

Development in Transition

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Latin America and the Caribbean has seen a remarkable socio-economic progress since the beginning of the century. Countries strengthened their macroeconomic situations, living standards improved, and poverty and inequality declined. Yet, large structural vulnerabilities remain and new ones have emerged. Many of these are linked to countries’ transition to higher income and development levels. The Latin American Economic Outlook 2019: Development in Transition (LEO 2019) presents a fresh analytical approach to the region’s development trajectories. It assesses four development traps relating to productivity, social vulnerability, institutions and the environment. It outlines local opportunities for responding to these traps and seeks ways of improving the interactions and interlinkages between global public goods and national development agendas, all in the context of the United Nations 2030 Agenda. LEO 2019 calls for improving domestic capacities and adopting a new vision of international co-operation as a facilitator to support efforts to achieve sustainable development for all throughout the region.

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Executive summary

Renewed international co-operation can support countries in Latin America and the Caribbean (LAC) to achieve greater inclusive and sustainable development for all. Domestic and global challenges are coalescing in significant ways, while linkages between national policies and the global scenario continue to grow. In the face of this evolving context, the Latin American Economic Outlook2019 (LEO 2019) calls for improving domestic capacities and upgrading the international co-operation system for development to better fit new realities. This reflection is necessary to successfully support national development objectives and international efforts to advance regional and global public goods, as well as to pursue the universal goals of the 2030 Agenda for Sustainable Development.

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