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Latin America and the Caribbean in the World Economy 2013

A Sluggish Post-crisis, Mega Trade Negotiations and Value Chains - Scope for Regional Action

image of Latin America and the Caribbean in the World Economy 2013
The 2013 edition of this publication reviews the main features of a persistently weak global economy and world trade and then turns to global and regional trade trends and prospects. The publication considers the main changes in the organization of production and global trade associated with international production networks, which are at the heart of current mega-regional negotiations. It looks at how the region's countries are positioned in international production networks and value chains. It analyzes the main factors underpinning participation in production networks and value chains, as well as the implications they have for integration.

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Summary

Well into the second half of 2013, the continuing weakness of the eurozone and a heavier-than-expected slowdown in emerging economies are stymieing the consolidation of the global economic recovery. In June, the United Nations lowered its global growth projection for the year to 3.1%, trimming 0.1 percentage points off its January calculation and taking the projection almost down to the 2012 figure (3%). China, India, the rest of emerging Asia and the Russian Federation are the economies which have slowed the most. Amid slacking global demand, these countries need to ease their reliance on exports and investment and try to leverage domestic consumption more. Yet even with their growth slowing, emerging economies will continue to account for more than half of global GDP growth in the coming years.

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