Revista de la CEPAL N⁰ 141. Edición especial 75⁰ Aniversario: Hacia un modelo de desarrollo más productivo, inclusivo y sostenible

ECLAC’s Executive Secretary Presented in Spain a Special Edition of the CEPAL Review with his Vision for a More Productive, Inclusive and Sustainable Development

The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), José Manuel Salazar-Xirinachs, presented today in Spain a recent special edition of the CEPAL Review, the organization’s main academic publication, published on the occasion of the Commission’s 75th anniversary (celebrated in 2023), in which he offers his vision regarding the major transformations needed for the region to move towards a more productive, inclusive and sustainable development model. The senior United Nations official gave a keynote lecture based on his own article published in the Rev…

Secretario Ejecutivo de la CEPAL presentó en España edición especial de Revista CEPAL con su visión para un desarrollo más productivo, inclusivo y sostenible

El Secretario Ejecutivo de la Comisión Económica para América Latina y el Caribe (CEPAL), José Manuel Salazar-Xirinachs, presentó hoy en España la reciente edición especial de la Revista CEPAL, principal publicación académica del organismo, publicada con ocasión del 75⁰ aniversario de la Comsión (celebrado durante 2023), en la cual entrega su visión de las grandes transformaciones necesarias para que la región avance hacia un modelo de desarrollo más productivo, inclusivo y sostenible. El alto funcionario de las Naciones Unidas dictó una conferencia magistral basada en el artículo …

O Secretário Executivo da CEPAL apresentou na Espanha a edição especial da Revista CEPAL com sua visão para um desenvolvimento mais produtivo, inclusivo e sustentável

O Secretário Executivo da Comissão Econômica para a América Latina e o Caribe (CEPAL), José Manuel Salazar-Xirinachs, apresentou na Espanha a recente edição especial da Revista CEPAL, principal publicação acadêmica do organismo, publicada por ocasião do 75⁰ aniversário da Comissão (celebrado durante 2023), na qual apresenta sua visão das grandes transformações necessárias para que a região avance rumo a um modelo de desenvolvimento mais produtivo, inclusivo e sustentável. O alto funcionário das Nações Unidas proferiu uma conferência magistral baseada no artigo de sua autoria publicado na Revis…

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

Latin American and Caribbean issuers placed US$ 53 billion of bonds in international markets in the first four months of 2024. This total was 61.5% 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 (69%) 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 58% of the total. The region issued US$ 13 billion in green, social, sustainability and sustainability linked bonds in interna…

Latin American and Caribbean Economies Will Grow 2.1% in 2024, in a Context of Global Uncertainty

The Economic Commission for Latin America and the Caribbean (ECLAC) made a slight upward revision to its growth projection for the region’s economies in 2024. According to new estimates released today, the United Nations organization forecasts that the region will grow by 2.1% on average this year, with South America growing by 1.6%, Central America and Mexico by 2.7%, and the Caribbean (excluding Guyana) by 2.8%. The region’s expected expansion in 2024 continues on the path of low economic growth observed in recent years, and the major challenge is how to move towards higher, more dynamic and…

Economías de América Latina y el Caribe crecerán 2,1% en 2024, en un contexto de incertidumbre a nivel global

La Comisión Económica para América Latina y el Caribe (CEPAL) revisó levemente al alza la proyección de crecimiento para las economías de la región en 2024. Según nuevas estimaciones dadas a conocer hoy, el organismo de las Naciones Unidas prevé que la región crecerá en promedio un 2,1% este año, con América del Sur creciendo un 1,6%, América Central y México un 2,7% y El Caribe (excluyendo Guyana) un 2,8%. La expansión esperada para la región en 2024 se mantiene en la senda del bajo crecimiento económico observado en los últimos años, y el gran desafío es cómo avanzar hacia un crecimiento más…

As economias da América Latina e do Caribe crescerão 2,1% em 2024 num contexto de incerteza global

A Comissão Econômica para a América Latina e o Caribe (CEPAL) fez uma sutil revisão indicando aumento da projeção de crescimento das economias da região em 2024. De acordo com novas estimativas divulgadas hoje, a agência das Nações Unidas prevê que a região crescerá em média de 2,1% este ano, tendo a América do Sul crescendo 1,6%, a América Central e o México 2,7% e o Caribe (excluindo a Guiana) 2,8%. O ritmo de crescimento esperado para a região em 2024 permanece lento, tal qual observado nos últimos anos. A Comissão da ONU aponta que o grande desafio, portanto, é como avançar para um crescim…

United States economic outlook: 2023 year-in-review and early 2024 developments in five charts

The U.S. above-potential GDP growth in 2023 was driven by resilient consumers supported by a strong labor market and receding inflation.…

Fiscal Panorama of Latin America and the Caribbean, 2024: Fiscal policy for addressing the challenges of climate change

In 2023, the fiscal environment in Latin America and the Caribbean reflected deteriorating global and regional microfinancial conditions. Fiscal deficits widened in Latin America as tax collection weakened owing to lower aggregate demand and falling international commodity prices. In the Caribbean, primary surpluses increased on the back of primary spending cutbacks. Public debt in the region remained high and the rise in interest payments is exerting more pressure on fiscal accounts. Given the context of low economic growth and the increasing recognition of the key role that the public sector…

Panorama Fiscal de América Latina y el Caribe, 2024: política fiscal para enfrentar los desafíos del cambio climático

En 2023 el entorno fiscal en América Latina y el Caribe se vio influido por el deterioro de las condiciones macrofinancieras mundiales y regionales. En América Latina se profundizaron los déficits fiscales ya que la recaudación tributaria perdió dinamismo como resultado de una menor demanda agregada y la caída de los precios internacionales de las materias primas. En el Caribe se observó un incremento en los superávits primarios por un ajuste del gasto primario. La deuda pública en la región se mantuvo elevada y el alza en los pagos de intereses ejerce mayor presión sobre las cuentas fiscales.…

United States economic outlook: 2023 year-in-review and early 2024 developments

United States gross domestic product rose by 2.5% in 2023. The above-potential growth was driven by resilient consumers, supported by a strong labour market and receding inflation. In 2023, 3 million new jobs were added on an annual basis, and the unemployment rate was 3.7% at the end of December. Inflation was reduced by half relative to 2022, declining from an annual rate of 8% in 2022 to 4.1% in 2023. Cognizant of the strength of the U.S. economy, the Federal Reserve is nevertheless adopting a “wait and see” approach rather than declaring an immediate end to its monetary tightening cycle, w…

Balance preliminar de las economías de Centroamérica y la República Dominicana en 2023 y perspectivas para 2024

Este es un documento de coyuntura en el que se analizan las tendencias de las principales variables macroeconómicas de los países de la región en 2023 y sus perspectivas para 2024. En 2023 la tasa de crecimiento de las economías de los países de Centroamérica y la República Dominicana (CARD) registró una desaceleración moderada al pasar de una variación interanual del 5,4% en 2022 al 4% en 2023. El déficit fiscal promedio subregional se mantuvo en un 1,9% del PIB, misma cifra que en el año anterior. La subregión mantuvo una política monetaria restrictiva y cautelosa. Al tercer trimestre de 202…

The expected effects of climate change on the current account of Colombia

This study examines the expected effects of climate change on the current account of Colombia. We present a literature review that explains how the associated risks affect the balance of payments. We then project the current account balance until 2050 in different climate scenarios to establish whether the impact of these risks could affect the country’s current account over the long term. Our results indicate that, compared with a scenario in which current climate policies are maintained, achieving net zero emissions by 2050 could widen the current account deficit by the equivalent of 4.6% of…

Efectos previstos del cambio climático en la cuenta corriente de Colombia

En este estudio se examinan los efectos previstos del cambio climático en la cuenta corriente de Colombia. Para ello, se realiza una previsión del saldo de la cuenta corriente hasta 2050 en diferentes escenarios climáticos a fin de determinar si el impacto de los riesgos relacionados podría afectar la cuenta corriente del país a largo plazo. Los resultados indican que, si en lugar de mantener las políticas climáticas actuales, se alcanzara el cero neto en emisiones para 2050, el déficit en cuenta corriente podría ampliarse el equivalente al 4,6% del PIB. Si la transición se retrasara, el costo…

Capital flows to Latin America and the Caribbean: first 10 months of 2023

Latin American and Caribbean bond issuance in international markets totalled US$ 76.4 billion in the first 10 months of 2023, rebounding from the low volumes recorded in 2022. This figure represented a 30% increase compared to the same period in 2022 and was 20% higher than the annual volume. Issuers that have been waiting for lower borrowing costs are gradually returning to the international market, as they anticipate the end to global interest rate hikes while accepting that rates may remain higher for longer. The region issued US$ 23.2 billion in international green, social, sustainability …

Capital flows to Latin America and the Caribbean: 2023 year-in-review and early 2024 developments

Latin American and Caribbean bond issuance in international markets totalled US$ 89 billion in 2023, 40% higher than the figure recorded in 2022, but still 35% lower than the average annual level in the three-year period from 2019 to 2021. The average coupon on the region’s bonds issued in international markets was 1.65 percentage points higher than in 2022. Indicating a strong start to the year, international bond issuance amounted to US$ 31.19 billion in January 2024, the region’s third-highest monthly total. In 2023, the region issued US$ 31 billion in green, social, sustainability and sust…

Preliminary overview of the economies of the Caribbean 2022–2023

This overview examines the economic performance of economies of the Caribbean in 2022 and comprises four chapters. The first chapter provides a comparative analysis across Caribbean economies of the main macroeconomic variables, namely GDP growth, monetary indicators, as well as fiscal and external accounts. The second chapter concludes, while the annex includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago, and a subregional assessment of the countries of the Eastern Caribbean Currenc…

Balanço Preliminar das Economias da América Latina e do Caribe 2023. Resumo executivo

De acordo com os dados apresentados no Balanço Preliminar das Economias da América Latina e do Caribe 2023, a atividade econômica da América Latina e do Caribe continua exibindo uma trajetória de baixo crescimento. Todas as sub-regiões registraram um crescimento menor em 2023 em relação a 2022. Para 2024, espera-se uma taxa de crescimento inferior à observada em 2023, o que acentuará a dinâmica de desaceleração do crescimento do PIB e da criação de empregos. A economia mundial continua apresentando escasso dinamismo no que diz respeito à taxa de crescimento do PIB e do comércio. Embora a infla…

Claves de la CEPAL para el desarrollo N°18: Balance Preliminar de las Economías de América Latina y el Caribe 2023

En esta edición de Claves de la CEPAL para el desarrollo, sobre el Balance Preliminar de las Economías de América Latina y el Caribe, 2023. Se muestra que la actividad económica de América Latina y el Caribe continúa en una senda de bajo crecimiento. En 2023 todas las subregiones crecerán menos de lo que lo hicieron en 2022. Para 2024 se espera una tasa de crecimiento menor a la observada en 2023, acentuándose la dinámica de desaceleración del crecimiento del PIB y la creación de empleos. Se enfatiza que el bajo crecimiento esperado en 2023 y 2024 no es solo un problema coyuntural, sino que re…