Towards a new industrial policy: The United States economic policy agenda post-COVID-19

This document examines the United States economic policy agenda proposed by President Joe Biden following his inauguration in January 2021, the discussions in the United States Congress since then, and the resulting legislations that have been signed into law. It also details government efforts to address supply chain bottlenecks and legislative efforts to pass a unified bill on increasing innovation and strengthening competitiveness. Four major legislations –the American Rescue Plan Act, the Infrastructure Investment and Jobs Act, the CHIPS and Science Act, and the Inflation Reduction Act– we…

Capital flows to Latin America and the Caribbean: First eight months of 2022

Against a backdrop of tightening global financing conditions, total Latin American and Caribbean bond issuance in international markets in the first eight months of 2022 was down more than 50% from the same period in 2021. International bond issuance of environmental, social and governance (ESG) bonds —including green, social, sustainability and sustainability-linked bonds— from the region also slowed in the first eight months of 2022, albeit less markedly than total issuance. The share of these bonds in the region’s total issuance increased to 34% from 31% in the year-earlier period. Capital …

United States economic outlook: 2021 year-in-review and first quarter of 2022

The United States economy expanded by 5.7% in 2021, the strongest annual growth since 1984, but in a sharp reversal it contracted 1.5% in the first quarter of 2022. Although the overall economy is expected to resume modest growth in the second quarter of 2022 and beyond owing to robust consumer spending and a strong labour market, risks to the economic outlook are rising. Inflation is at a 40-year high, and the Federal Reserve is raising interest rates at the most aggressive pace since the 1980s. The United States economic outlook: 2021 year-in-review and first quarter of 2022 presents and ana…

United States-Latin America and the Caribbean Trade Developments 2021

United States trade is showing a healthy recovery in 2021 in both imports and exports of goods and services, although some categories of services are still suffering the effects of the COVID-19 pandemic restrictions. Travel, transport, and tourism have not returned to pre-pandemic levels. In contrast, trade in goods has recovered in all major categories. United States-Latin America and the Caribbean Trade Developments 2021 provides an overview of developments in United States trade relations with Latin America and the Caribbean. Following the global focus on the climate crisis and the specific…

Capital flows to Latin America and the Caribbean: first nine months of 2021

Against the backdrop of low global interest rates and borrowing costs, bond issuances in international markets by Latin American and Caribbean countries totalled US$ 124 billion in the first nine months of 2021, up 6% from the year-earlier period. Of this total, almost US$ 40 billion (31.5%) were issued to finance environmental, social and governance (ESG) projects and strategies. Sustainability-linked bonds were the region’s most frequently used ESG instrument. Capital flows to Latin America and the Caribbean: first nine months of 2021 presents and analyses the developments concerning capital…

Methodological document on statistical use of economic administrative records. Summary

United States economic outlook: First half of 2021

The United States rebounded rapidly and robustly from the COVID-19 pandemic recession in the first half of 2021, as federal stimulus spending helped the economy expand at an annualized rate of over 6%. However, the economic recovery remains uneven. The United States economic outlook: first half 2021 presents and analyses macroeconomic developments in the United States economy and examines how they could affect financial conditions in Latin America and the Caribbean. The report includes a gender focus on the labour market impact of the pandemic.…

Capital flows to Latin America and the Caribbean: First four months of 2021

Latin American and Caribbean debt issuers reached a historic milestone in the first quarter of 2021, with the highest quarterly issuance on record (US$ 52 billion) in international bond markets. Including April, regional bond issuance in international markets totalled US$ 65.5 billion in the first four months of 2021. In addition, green, social and sustainability bond issuance reached a new high of US$ 16.6 billion at the end of April, which included a surge in sustainability-linked bonds. Capital Flows to Latin America and the Caribbean: First four months of 2021 presents and analyses the dev…

Multilateral development banks in Latin America: Recent trends, the response to the pandemic, and the forthcoming role

The COVID-19 crisis has hit Latin America and the Caribbean harder than any other developing region. In 2020 the regional GDP will experience its greatest decline in 120 years. The pandemic represents a formidable social challenge, exposing all the regions’ endemic problems. Against this backdrop, this paper analyses the Multilateral Development Banks (MDBs) response to the COVID-19 crisis and their post-pandemic role and prospects in LAC. Some basic information is presented on the major MDBs that serve the region and their main trends during the last decade to provide an adequate context.…

United States supply chains resiliency: The key role Latin America and the Caribbean could play

This paper focuses on the impact on three industries to exemplify the disruption that took place in supply chains during the global pandemic; and the measures taken by the United States government to confront the disruption in the short run and protect the health and livelihood of its citizenry.…

Capital flows to Latin America and the Caribbean: 2020 year-in-review in times of COVID-19

Capital flows to Latin America and the Caribbean: 2020 year-in-review in times of COVID-19 presents and analyses the developments concerning capital flows to Latin America and the Caribbean in 2020. This report is published three times a year and provides an overview of bond issuances from Latin American and Caribbean issuers, including of green, social and sustainability bonds, as well as bond spreads and credit ratings.…

U.S. Economic Outlook: Third Quarter 2020

The U.S. economy expanded at a 33.1% annual rate in the third quarter of 2020, following a decline of 31.4% in the second quarter and 5% in the first. The third-quarter gain reversed about 75% of the prior decline. The pandemic has created unprecedented volatility in economic growth this year, with the record-shattering decline in real GDP in the second quarter followed by a similarly record-breaking gain in the third. Economic forecasts project a slowdown in the final quarter of the year, however, because of the recent surge in COVID-19 cases and some tighter restrictions that have been imple…

Capital Flows to Latin America and the Caribbean: First Nine Months of 2020 in Times of COVID-19

This document, prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) Washington Office, presents and analyzes the most recent developments (first nine months of 2020 in times of COVID-19) concerning capital flows to Latin America and the Caribbean.…

U.S. Economic Outlook: First Half 2020

The U.S. economy shrank at a 32.7% annual rate in the second quarter of 2020 and at a 5% pace in the first. The decline was driven by a big collapse in private consumption, concentrated in the services sector. Shutdowns to stem the spread of the coronavirus had a deep impact on the economy, particularly on the services sector. Economic forecasts project a rebound in the third quarter that would recoup about half of the output lost in the first half of the year. To return to the previous peak recorded in the final quarter of last year, the economy would need to grow at roughly the same pace in …

ECLA, Washington and Inter-American Economic Relations, 1948–1968

Inter-American economic relations underwent significant changes since the end of World War II, with the creation of hemispheric institutions, such as the Organization of American States (OAS) and the United Nations Economic Commission for Latin America (ECLA). This document examines two decades of interaction on economic affairs between the Latin American and United States governments, in the setting provided by these hemispheric institutions.…

United States - Latin America and the Caribbean Trade Developments 2020

United States Trade Developments 2020 provides an overview of selected developments in United States trade relations with Latin America and the Caribbean and of measures that inhibit the free flow of goods among countries in the Western Hemisphere. This is an annual report elaborated by the ECLAC Washington Office. This year’s report has a special focus on the effects of the COVID-19 pandemic on trade related issues. Specifically, it provides information on the early impact of the COVID-19 pandemic on U.S. trade and migration flows, supply chains as well as some of the restrictions to the move…

Capital Flows to Latin America and the Caribbean: First Quarter 2020 in Times of COVID-19

Highlights • In the first quarter of 2020, the spread of the coronavirus, together with a precipitous decline in commodity prices, radically changed the financial landscape for Latin American and Caribbean (LAC) issuers. After a record breaking issuance of US$ 38 billion worth of bonds in January, bond issuance dried-up in February and March, bringing total quarterly issuance to US$ 45 billion. • On March 26, however, Panama successfully placed a sovereign bond in cross-border markets to secure additional resources to combat the COVID-19 pandemic. It was followed in April by other four soverei…

U.S. Economic Outlook: 2019 in review and early 2020 developments

Highlights • The record long U.S. economic expansion is coming to an end, as a result of the COVID-19 pandemic. Shutdowns to stem the spread of the virus have already had an impact on the economy, and are already visible in some preliminary data for March, ranging from jobless claims to factory output. The U.S. government will release its initial estimate for the first quarter of 2020 at the end of April, and a decline in growth is expected, followed by an even worse decline in the second quarter. • Three stimulus packages were approved by the U.S. Congress in March, aiming to address the impa…

Capital Flows to Latin America and the Caribbean: 2019 Year-in-Review

These are the main highlights of the Capital Flows to Latin America 2019 Year-in-Review edition: • In 2019, international bond issuance from Latin America and the Caribbean (LAC) increased and bond spreads tightened, but credit quality continued to deteriorate although at a slower pace relative to 2018. • Lowering global interest rates brought issuance volume up in the region. Total LAC debt issuance in international markets in 2019 was US$ 119 billion, 26% higher than in 2018. • Mexican, Brazilian and Chilean borrowers were the main contributors to the region’s performance. Together they were…

U.S. Economic Outlook: Third Quarter 2019

Highlights • In the third quarter of 2019, the U.S. economy grew at a 2.1% annualized rate. Growth was driven by consumer and government spending, and a buildup in inventories. • The third quarter of 2019 was the 41st consecutive quarter of growth and November the 125th month of consecutive growth for the U.S. economy. The current expansion is the longest on record. • The Federal Open Market Committee (FOMC) cut the federal funds rate three times this year, in July, September and October, due to slowing global growth and trade uncertainty, contributing to diminish recession fears. Federal Rese…