The Hummingbird Vol. 10 No. 2

Transformational change in Latin America and the Caribbean: A mission-oriented approach

The current economic and social challenges in Latin America and the Caribbean have highlighted both the region’s structural problems and the urgent need to find new drivers of economic growth. The old approaches to economic development will not enable Latin America and the Caribbean to overcome the present-day economic, health and climate crises. Governments must set bold goals and work with willing private sector partners to promote a truly sustainable and inclusive economy. By advancing mission-oriented industrial policies, countries can stimulate cooperation, diversify production, increase …

Transformational change in Latin America and the Caribbean: A mission-oriented approach

Los actuales retos económicos y sociales de América Latina y el Caribe han puesto de manifiesto tanto los problemas estructurales de la región como la necesidad urgente de encontrar nuevos motores de crecimiento económico. La región no logrará superar las crisis imperantes en materia económica, sanitaria y climática si se siguen aplicando los antiguos enfoques relativos al desarrollo económico. Los Gobiernos pueden establecer objetivos ambiciosos y colaborar con los actores del sector privado que se muestren dispuestos, a fin de promover una economía verdaderamente sostenible e inclusiva. A tr…

ECLAC Proposes Cluster Policies to Escape the Current Low-Growth Trap in Latin America and the Caribbean

The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), José Manuel Salazar-Xirinachs, proposed cluster-based policies as a powerful instrument to promote growth and productive diversification to help pull the region out of the prolonged, development crisis that has impeded high, sustained and sustainable growth in the last decades, except in cases of price bonanzas in primary products. The United Nations senior official is in Davos, Switzerland for the 2023 World Economic Forum Annual Meeting (WEF) from January 16-20. The 53rd edition brings together th…

CEPAL propone políticas de clusters para superar la trampa de bajo crecimiento en que se encuentra América Latina y el Caribe

El Secretario Ejecutivo de la Comisión Económica para América Latina y el Caribe (CEPAL), José Manuel Salazar-Xirinachs, propuso la implementación de políticas basadas en clusters como instrumento poderoso para promover el crecimiento y la diversificación productiva, que ayuden a sacar a la región de la prolongada crisis de desarrollo que la caracteriza y que le ha impedido crecer de manera elevada, sostenida y sostenible en las últimas décadas, excepto cuando ha habido bonanzas en los precios de los productos primarios. El alto funcionario de las Naciones Unidas se encuentra en Davos, Suiza,…

A CEPAL propõe políticas de clusters para superar a armadilha de baixo crescimento em que se encontram a América Latina e o Caribe

O Secretário Executivo da Comissão Econômica para a América Latina e o Caribe (CEPAL), José Manuel Salazar-Xirinachs, propôs a implementação de políticas baseadas em clusters como instrumento poderoso para promover o crescimento e a diversificação produtiva, que ajudem a tirar a região da prolongada crise de desenvolvimento que a caracteriza e que a impediu de crescer de maneira elevada, sustentada e sustentável nas últimas décadas, exceto quando houve bonanças nos preços dos produtos primários. O alto funcionário das Nações Unidas participou na Reunião Anual 2023 do Fórum Econômico Mundial (W…

Preliminary overview of the economies of the Caribbean 2021–2022

This overview examines the economic performance of economies of the Caribbean in 2021 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…

Report of the twenty-ninth session of the Caribbean Development and Cooperation Committee of the Economic Commission for Latin America and the Caribbean

United States economic outlook: third quarter of 2022

The United States economy grew by 2.9% in the third quarter of 2022, a sharp turnaround following two quarters of contraction. Trade was the main source of growth, followed by consumer spending. The labour market averaged 392,000 new jobs per month from January–November 2022, with 4.3 million new jobs created in the period. Inflation rose by 7.1% in November, the slowest 12-month pace since December 2021, closing out a year in which it climbed to the highest level in four decades. The rapid pace of price increases in 2022 added pressure on the Federal Reserve to tame inflation by raising inter…

United States Economic Outlook: Third Quarter 2022

United States economic outlook: third quarter of 2022 The United States economy rose 2.9% in the third quarter of 2022, a sharp turnaround following two quarters of contraction. Here is the economic outlook in five charts:…

Caribbean Outlook 3: Economic recovery and repositioning in the era of COVID-19. Policy Brief

The economies of the subregion were hard hit by the COVID-19 pandemic, particularly those dependent on tourism. As a result, the Caribbean has seen a reversal of the hard-won gains achieved in growing their economies and reducing unemployment and inequality. The inflation stemming from pandemic supply chain disruption, which has been exacerbated by the war in Ukraine, has made the sustained uptick in economic performance beyond pre-pandemic levels unlikely, notwithstanding strong growth estimates for 2021 and 2022. The last two years have taught the region that continued ‘business as usual’ is…

The Hummingbird Vol. 10 No. 1