Turning Latin America’s resilience into growth
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In recent years, Latin America and the Caribbean have shown that development increasingly rests on the twin pillars of resilience and growth. But while the region has shown a remarkable amount of the former, the latter has remained stubbornly slow.
Over the past six decades, the region grew at an average annual per capita rate of just 1.8 percent, whereas emerging Asia grew at more than twice that pace. In short, the region has a productivity problem. Despite accumulating capital, expanding its workforce and increasing years of schooling during this period, total factor productivity (the efficiency with which those inputs are used) recorded essentially no growth.
