Breaking away from Mediocre Complacency to a Prosperous Future

Latin America has been one of the most prosperous regions among the group of emerging economies. However, particularly in recent decades, Latin America has not managed to keep up with the growth of other emerging economies. This article lays out some reasons to explain the region’s lackluster econom...

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Bibliographic Details
Published in:Global journal of emerging market economies 2011-01, Vol.3 (1), p.5-58
Main Authors: Loser, Claudio, Sood, Anil
Format: Article
Language:English
Subjects:
Competition
Economic development
Economic growth
Economic policy
Emerging markets
Human capital
Investment
Latin America
Openness
Productivity
Public infrastructure
Regional analysis
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Summary:Latin America has been one of the most prosperous regions among the group of emerging economies. However, particularly in recent decades, Latin America has not managed to keep up with the growth of other emerging economies. This article lays out some reasons to explain the region’s lackluster economic growth. It proposes that the region and its leaders need to promote a vision of a vibrant, fastgrowing economic region where more inclusion, higher productivity, and increased competition and openness are the objects of national policy. While no regions are equivalent, the example of East Asia, even with its own vulnerabilities provides important lessons for Latin America, as it devises policies to free it from the middle-income trap.
ISSN:0974-9101
0975-2730
DOI:10.1177/097491011000300102