According to the balance-of-payments constrained growth model, an expansion of aggregate domestic demand is effective in increasing the long-run rate of growth of an economy to the extent that the performance of the external sector validates it. While the performance of the domestic economy is intertwined with that of the external sector, the balance-of-payments constraint on growth does not make these relationships explicit. This document addresses this issue and proposes a framework to make explicit the investment requirements with balance-of-payments constrained growth. This is done in two …
The U.S. economy expanded at a 33.1% annual rate in the third quarter; market projections suggest a decline of about 4% in 2020.
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. The U.S. economic expansion in the third quarter of 2020 followed a decrease of 31.4% in the second quarter and 5% in the first, with the third-quarter gain reversing about 75% of the prior decline.
Economic forecasts project a slowdown in the final qu…
The Latin America and the Caribbean region will experience a contraction of -7.7% in 2020 but will have a positive growth rate of 3.7% in 2021, due mainly to a statistical rebound that will nonetheless be insufficient for recovering the economic activity levels seen prior to the coronavirus pandemic (in 2019), ECLAC indicated today in a new report.
ECLAC released its Preliminary Overview of the Economies of Latin America and the Caribbean 2020 – one of the United Nations organization’s flagship annual reports – during a virtual press conference given by its Executive Secretary, Alicia Bárcena.…
La región de América Latina y el Caribe marcará una contracción de -7,7% en 2020, pero tendrá una tasa de crecimiento positiva de 3,7% en 2021, debido principalmente a un rebote estadístico que, sin embargo, no alcanzará para recuperar los niveles de actividad económica pre-pandemia del coronavirus (en 2019), indicó hoy la CEPAL en un nuevo informe.
La CEPAL dio a conocer su Balance Preliminar de las Economías de América Latina y el Caribe 2020, uno de los principales reportes anuales del organismo de las Naciones Unidas, en una conferencia de prensa virtual ofrecida por su Secretaria Ejecutiv…
A região da América Latina e Caribe terá uma contração de -7,7% em 2020, mas terá uma taxa de crescimento positiva de 3,7% em 2021, devido principalmente a um arraste estatístico que, no entanto, não será suficiente para recuperar os níveis de atividade econômica pré-pandemia do coronavírus (em 2019), indicou hoje a CEPAL em um novo relatório.
A CEPAL divulgou seu Balanço Preliminar das Economias da América Latina e do Caribe 2020, um dos principais relatórios anuais da Comissão das Nações Unidas, em uma coletiva de imprensa virtual apresentada por sua Secretária-Executiva, Alicia Bárcena.
Se…
Since April, tourism in the region has almost come to a temporary standstill as a result of the coronavirus disease (COVID-19) pandemic. This temporary paralysis has not only hit Caribbean economies and employment hard, but also many local communities in Latin America. Tourism accounts for half of services exports in Latin America and the Caribbean and represents significant shares of gross domestic product (GDP) and employment. An impact scenario shows that the slump in tourism may cause total GDP growth in the Caribbean and Latin America to fall by 8 percentage points and 1 percentage point,…
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…
This paper examines absolute manufacturing labour productivity convergence across Mexican states and municipalities between 1993 and 2018, using census data and employing spatial econometric techniques. It applies a novel approach (spatial econometrics and disaggregation at the municipal level) to show that there is absolute convergence in manufacturing productivity at both the state and municipal levels. The results show that there are significant productivity spillovers among states and municipalities; that is, high-level productivity states or municipalities have positive impacts on the pro…
The Economic Commission for Latin America and the Caribbean (ECLAC) will present next Wednesday, December 16 its flagship annual report entitled Preliminary Overview of the Economies of Latin America and the Caribbean 2020, which examines the performance of the region’s economies this year and updates growth figures and other indicators that reflect the impact countries have borne as a result of the COVID-19 crisis.
More specifically, the document will contain new Gross Domestic Product (GDP) estimates for the region and all of its countries in 2020, and it will provide a first growth estimate…
La Comisión Económica para América Latina y el Caribe (CEPAL) presentará el próximo miércoles 16 de diciembre su informe anual (flagship) Balance Preliminar de las Economías de América Latina y el Caribe 2020, en el cual examina el comportamiento de las economías de la región durante el año, y actualiza las cifras de crecimiento y otros indicadores que reflejan el impacto sufrido por los países de la región a raíz de la crisis del COVID-19.
En particular, el documento presentará nuevas estimaciones del producto interno bruto (PIB) para la región y todos sus países en 2020, y entregará una prim…
A Comissão Econômica para a América Latina e o Caribe (CEPAL) apresentará na próxima quarta-feira, 16 de dezembro, o seu relatório anual: Balanço Preliminar das Economias da América Latina e do Caribe 2020, em que examina o comportamento das economias da região durante o ano, e atualiza os números de crescimento e outros indicadores que refletem o impacto sofrido pelos países da região em decorrência da crise da COVID-19.
O documento apresentará principalmente as novas estimativas do produto interno bruto (PIB) para a região e todos os seus países em 2020, e mostrará uma primeira estimativa de…
“There is a very close relationship between industrialization, manufacturing and integration, because the creation of value chains helps to create high-quality jobs and foster productivity at the same time, while agriculture and natural resources-based sectors lag behind in terms of innovation and social protection,” Alicia Bárcena, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), stated today during a high-level, virtual international event organized by the Development Centre of the Organisation for Economic Co-operation and Development (OECD).
Bárce…
“Hay una relación muy estrecha entre la industrialización, la manufactura y la integración, ya que la creación de cadenas de valor ayuda a la generación de empleos de calidad y fomenta la productividad al mismo tiempo, mientras que los sectores basados en la agricultura y recursos naturales se quedan atrás en términos de innovación y protección social”, declaró hoy Alicia Bárcena, Secretaria Ejecutiva de la Comisión Económica para América Latina y el Caribe (CEPAL), durante un evento internacional virtual de alto nivel organizado por el Centro de Desarrollo de la Organización para la Cooperaci…
The current crisis should serve as an opportunity to achieve broad social and political consensus to implement ambitious reforms through multilateral and regional cooperation, which would allow for achieving sustainable and egalitarian growth that can meet the heterogeneous needs of countries of all income levels, Alicia Bárcena, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), stated today.
The senior United Nations official spoke at a seminar entitled International financial cooperation amid the Latin American economic crisis, organized by EC…
La crisis actual debe ser una oportunidad para alcanzar un amplio consenso social y político para implementar reformas ambiciosas a través de la cooperación multilateral y regional, que permita lograr un crecimiento sostenible e igualitario que se haga cargo de las necesidades heterogéneas de los países de todos los niveles de ingresos, afirmó hoy Alicia Bárcena, Secretaria Ejecutiva de la Comisión Económica para América Latina y el Caribe (CEPAL).
La alta funcionaria de las Naciones Unidas participó en el seminario La cooperación financiera internacional frente a la crisis económica latinoame…