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Regional Challenges

THE WORLD BANK. Regional Challenges. Latin America and the Caribbean. 2007. Income per capita With respect to OECD 1950-2005. Latin America and the Caribbean’s Twin Development Challenges. Low and volatile growth and persistently high inequality contribute to high levels of poverty

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Regional Challenges

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  1. THE WORLD BANK Regional Challenges Latin America and the Caribbean 2007

  2. Income per capita With respect to OECD 1950-2005 Latin America and the Caribbean’s Twin Development Challenges Low and volatile growth and persistently high inequality contribute to high levels of poverty in an essentially a middle income country (MIC) region. Gini Coefficient, 2000-5 (average) 60.0 50.0 40.0 30.0 20.0 10.0 0.0 2 ECA SA EAP MENA LAC Source: WDI, simple average of country figures 2000-5

  3. Latin America and the Caribbean is one of the most unequal regions of the world Latin America & Caribbean East Asia & Pacific Sub-Saharan Africa Middle East & N. Africa High Income Countries Europe & Central Asia Source: WDR 2006

  4. Recent Progress in Growth Recovery and Job Creation • Due to favorable external conditions and good macroeconomic policies. 4

  5. Taking advantage of good times to reduce vulnerabilities • Accumulated international reserves and primary surpluses • Reductions in public debt/GDP ratio • Reduced vulnerability and increased capacity to cope with future exogenous shocks. 5

  6. But, modest progress in Investment Climate and Infrastructure • Total infrastructure investment in LAC remains very low around 3% of GDP compared to 7% of GDP in EAP (East Asia and the Pacific region). • Private investment has not compensated for the fall in public investment. 6

  7. And in Poverty Reduction and Equity 7

  8. With challenges in some MDG targets Based on data from ECLAC (2005). Maternal mortality rates were obtained from United Nations (2005), Statistical databases: http://millenniumindicators.un.org0 8

  9. To address these challenges, the WB strategy in LAC is centered around the four themes – “4Gs” • GROWTH & JOBS • Improving investment climate • Increasing investment in infrastructure • Deepening financial systems • Increasing innovation • GINI & Poverty • (Social Inequality) • Reduce poverty and inequality • Improving equality of opportunities • Improve quality and delivery in education and health • Provide comprehensive and affordable social protection • Support direct anti-poverty programs (CCT’s) • GOVERNANCE • Building inclusive and effective institutions • Improving efficiency and targeting of public spending • Increasing accountability for service delivery • Reducing corruption • Monitoring and evaluating results • GLOBAL • Climate change • Migration and remittances • Trade negotiations • Crime and violence • Energy • HIV/AIDs • Avian Flu

  10. Looking to the future • Continued need to achieve sustainable growth with greater equity • Large unmet demand for infrastructure. LAC is still lagging behind other MIC countries • Global issues remain relevant and have a growing importance and impact on the region (e.g. climate change, trade, remittances, energy)

  11. Conclusion • The LAC challenge is to overcome the twin disappointments of low growth and persistently high inequality • The WB response is to energize our partnership through knowledge leadership, innovative lending and customized implementation support • Our goal is to meet the hopes and dreams of Latin American and Caribbean peoples for a more equitable, inclusive and secure society

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