Drivers of public debt reduction in the Caribbean: a case study of Jamaica, Saint Kitts and Nevis and Suriname

The Caribbean’s long-running public debt challenge has been worsened by COVID-19. Recent international interest rate increases and the looming threat of climate change impacts place even more burden on Caribbean governments' budgets. While the Caribbean's average debt burden has risen in the past 13 years, some countries have been able to lower their debt ratios. This study closely examines the performance of two Caribbean countries which over the past 13 years, have seen a sustained downward trend in their debt ratios, Jamaica and Saint Kitts and Nevis, and one country that has seen…

United States economic outlook: third quarter of 2024

The United States economy expanded at an annualized rate of 3.1% in the third quarter of 2024, above the economy’s long-term growth potential and the 3.0% growth recorded in the second quarter, driven primarily by consumer spending. The resilience of consumer spending has been supported by receding inflation and a robust labour market. Employment has increased for 47 consecutive months, but the labour market is softening. Progress in bringing down inflation has stalled over the past three months, with inflation rising from 2.4% in September 2024 to 2.7% in November. The Federal Reserve cut int…

United States-Latin America and the Caribbean Trade Developments 2024

United States trade in goods slowed in 2023, ending the recovery following the coronavirus disease (COVID-19) pandemic, as goods exports and imports declined by 2.2% and 4.9%, respectively. The decrease in merchandise trade contrasts with significant improvements in services trade, as exports and imports of services rose by 8.2% and 4.8%, respectively. Recently, exports of digitally enabled services have considerably outpaced those of other services and goods, underscoring their growing importance in the global market. The relative weight of Latin America and the Caribbean in United States tra…

The Hummingbird Vol. 12 No. 1

Analysis of developing countries’ external financial vulnerability

The United States dollar has increased its importance as an international medium of exchange, maintained its strength as a store of value and reinforced its role as the world’s unit of account. At the same time the capital market has become a major source of funding throughout the world including for developing countries. This context has major financial implications for the United States and for those countries, mainly developing countries, that are anchored to the dollar. These implications are brought to the fore by focusing on some of the main transmission mechanisms of international finan…

Financial inclusion, risk aversion and women’s entrepreneurship in Latin America and the Caribbean: a survey of the literature

Access to credit is a key component for business development. Yet, for women in Latin America and the Caribbean, there are barriers which hinder this access, hamper women’s entrepreneurship and slow economic empowerment efforts in the region. One of these barriers is risk aversion, both as supply and demand constraint. On the supply side, financial institutions may exhibit inherent gender bias by providing lower levels of financing and higher interest rates to women entrepreneurs. On the demand side, women entrepreneurs may refrain from approaching financial institutions for fear of rejection …

Capital flows to Latin America and the Caribbean: first 10 months of 2024

Latin American and Caribbean issuers placed US$ 112 billion of bonds in international markets in the first 10 months of 2024. This total was 40% higher than in the same period in 2023. The market remained open to high-yield issuers from the region, but most of the region’s issuances (58%) came from the investment grade sector. After two consecutive years in which sovereign issuances surpassed the 50% mark, corporate bond issuances in the reporting period represented 57% of the total. The region issued US$ 29 billion in green, social, sustainability and sustainability-linked bonds in internatio…

Economic Survey of Latin America and the Caribbean, 2023. Accessible version

The Economic Survey of Latin America and the Caribbean 2023 analyses the complex macroeconomic scenario for the countries of Latin America and the Caribbean, and projects that low economic growth will continue in 2023 and 2024. Inflation is expected to ease, although it will remain relatively high, as will public debt levels. This is coupled with a slowdown in employment, investment and consumption, and rising social demands. The report shows that both external and domestic factors have affected the region’s economic performance. This edition of the Economic Survey also analyses the macroecon…

The Hummingbird Vol. 11 No. 12

CEPAL Review No. 144

Report of the activities carried out by the Latin American and Caribbean Institute for Economic and Social Planning (ILPES), 2023-2024

Growth and the distribution of its benefits: measurement and policy recommendations. ECLAC contribution to the G20 Framework Working Group

Addressing inequality fosters an enabling environment for innovation and capacity-building amid technological advancements, leading to economic growth and the strengthening of political institutions. Despite the increased focus on income inequality in recent years, its measurement remains a topic of discussion. This document highlights the need to improve the availability and timeliness of household surveys, national accounts and income tax records for a more complete picture of income distribution. Integrating these data sources through the construction of “distributional national accounts” p…

The Hummingbird Vol. 11 No. 11

United States economic outlook: first half of 2024

The United States economy expanded at an annualized rate of 3.0% in the second quarter of 2024 —more than double the 1.4% GDP growth recorded in the first quarter and well above the economy’s long-term growth potential—, driven primarily by consumer spending. The resilience of consumer spending has been supported by receding inflation and a robust labour market. Inflation slowed to 2.5% in August 2024, the lowest level in more than three years. Employment has increased for 44 consecutive months, but the labour market is softening. The Federal Reserve announced an interest rate cut of 0.50% in …

Development Traps in Latin America and the Caribbean: Vital Transformations and How to Manage Them

Latin America and the Caribbean is facing a number of development traps that pose significant obstacles to a more productive, inclusive and sustainable future. This development crisis coincides with an international context that has changed considerably in the last decade —both on the geo-economic and geopolitical fronts— and which is shifting towards a new set of rules for trade and investment. For its fortieth session, the Economic Commission for Latin America and the Caribbean (ECLAC) is putting forward a new proposal analysing three transformations that are vital for moving towards a new …

Development Traps in Latin America and the Caribbean: Vital Transformations and How to Manage Them. Summary

Latin America and the Caribbean is facing a number of development traps that pose significant obstacles to a more productive, inclusive and sustainable future. This development crisis coincides with an international context that has changed considerably in the last decade —both on the geo-economic and geopolitical fronts— and which is shifting towards a new set of rules for trade and investment. For its fortieth session, the Economic Commission for Latin America and the Caribbean (ECLAC) is putting forward a new proposal analysing three transformations that are vital for moving towards a new d…

Report on the activities of the Commission, 2023

In 2023, the Economic Commission for Latin America and the Caribbean (ECLAC) celebrated its seventy-fifth anniversary. Since its establishment in 1948, ECLAC has been a leader in generating applied knowledge and research from the perspective of the region. The Commission’s commitment has remained strong throughout these past decades, contributing to the design and implementation of public policies taking into consideration the needs and demands of member States. This report on the activities undertaken by ECLAC in 2023 highlights the Commission’s key achievements and contributions and is hereb…

The Hummingbird Vol. 11 No. 10

Provisional agenda. Ninth Ministerial Conference on the Information Society in Latin America and the Caribbean

Annotated provisional agenda. Ninth Ministerial Conference on the Information Society in Latin America and the Caribbean