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International Monetary Fund. Western Hemisphere Dept.

Abstract

This chapter was prepared by Pelin Berkmen with Kotaro Ishi and Suchanan Tambunlertchai. Pablo Bejar, Yurani Granada (Canada section), and Peter Williams (US section) provided excellent research assistance.

International Monetary Fund. Western Hemisphere Dept.

Abstract

After slowing in 2012, global growth is projected to pick up during 2013–14, supported by policy actions in advanced economies that have helped mitigate downside risks. The global economy is expanding at three different speeds, with the emerging economies growing rapidly, activity in the United States gaining momentum, and Europe continuing to lag as it struggles with balance sheet repair. In this context, external financing conditions are expected to remain easy and commodity prices near their current high levels in the coming years. However, these conditions could reverse over the medium term, including if advanced economies do not decisively deal with unsustainable debt dynamics or if growth falters in key emerging economies.

International Monetary Fund. Western Hemisphere Dept.

Abstract

Output growth in Latin America firmed up toward the end of 2012, after moderating earlier in the year, particularly in some of the region’s largest economies. In most economies, domestic demand remained robust and external current account deficits widened further. Growth is set to pick up further in 2013, supported by stronger external demand. In the context of closed output gaps and relatively easy financing conditions, key policy priorities are strengthening public finances and protecting financial sector stability. In the Caribbean, growth continues to be held back by high debt levels and weak competitiveness.

International Monetary Fund. Western Hemisphere Dept.

Abstract

This chapter was prepared by Carlos Caceres, with excellent research assistance provided by Genevieve Lindow. The section on Central America was coordinated by Prachi Mishra, Kimberly Beaton, Javier Kapsoli, and Gerardo Peraza, with excellent research assistance provided by Cristhian Vera. The section on the Caribbean was coordinated by Bert van Selm, with excellent research assistance provided by Lulu Shui.

International Monetary Fund. Western Hemisphere Dept.

Abstract

This chapter was prepared by Yan Carrière-Swallow, Etibar Jafarov, and Juan Yépez (team leader), with contributions from Andrea Pescatori, and a Banco de España team composed of Alberto Fuertes, Ricardo Gimeno, and Jose Manuel Marques. Henrique Barbosa, Genevieve Lindow, and Adrián Robles provided excellent research assistance.

International Monetary Fund. Western Hemisphere Dept.

Abstract

Latin America has enjoyed strong growth momentum during the last decade. While factor accumulation remains the main driver of GDP growth, the recent acceleration is mainly explained by higher total factor productivity (TFP). However, moving forward, this growth momentum might not be sustainable given some natural constraints on labor, despite recent capital and TFP trends.