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Intro -- Table of Contents -- Introduction -- Summary -- Chapter I: Global and regional trade are recovering amid heightened uncertainty -- A. In 2021, world trade is expected to grow faster than it has in any year since 2010 -- B. The steady rise in freight charges threatens the recovery of global trade -- C. A hesitant recovery in world trade in services slowed by the slump in tourism -- D. Trade and value chains: a return to multilateralism or deepening regionalism? -- E. An uneven recovery in regional trade in 2021 -- 1. Goods trade recovered quickly, but services trade has yet to regain pre-pandemic levels -- 2. The pandemic hit smaller export firms especially badly -- 3. The recovery of goods exports in 2021 encompassed almost all sectors and countries, unlike in exports of services -- 4. The pandemic accelerated the growth of e-commerce in the region, but this is not yet reflected in the international trade figures -- 5. The prices of the region's raw materials exports recovered strongly in 2021 -- 6. Intraregional exports are recovering from the sharp drop posted in 2020 -- 7. After a heavy fall in 2020, regional goods trade is expected to post a strong recovery in 2021 -- F. Concluding remarks -- Bibliography -- Annex I.A -- Chapter II: The challenge of regional productive self-sufficiency in the health-care industry -- Introduction -- A. Brief characterization of the health-care industry -- B. The global trade of the health-care industry has been highly dynamic -- C. The region runs a large trade deficit in pharmaceutical products -- D. The region's pharmaceutical industry is poorly integrated -- E. The region's trade in medical devices: some dynamic export hubs -- F. The region's production and technological capabilities in the medical devices sector -- 1. The regional market in medical devices.

Intro -- Table of Contents -- Presentation and executive summary -- Presentation -- Executive summary -- Part I: The economic situation and the outlook for 2021 and 2022 -- Chapter I: Regional overview -- A. The international context -- 1. The coronavirus disease (COVID-19) pandemic has exposed asymmetries in the different countries' capacity to respond to the crisis -- 2. After the world economy suffered its worst downturn for decades in 2020 (-3.2 %), growth of almost 6% is expected for 2021 -- 3. After a 5.4% drop in 2020, world trade volume is recovering strongly, and the World Trade Organization (WTO) anticipates growth of 8% in 2021 -- 4. The recovery in trade is being accompanied by rising commodity prices, which are expected to be an average of 38% higher in 2021 -- 5. So far this year, financial markets have been supported by improved global economic activity, increased fiscal stimulus in individual countries and progress in pandemic control and vaccination, particularly in the United States and Europe. -- 6. Higher inflation in developed countries has been reflected by rising yields on the long-term sovereign bonds of safe haven countries, mainly the United States -- B. Global liquidity trends -- 1. In 2021 the developed countries doubled down on their efforts to increase liquidity through a continuous expansion of central bank balance sheets -- 2. Balance sheet expansion has made it possible to sustain a strongly expansionary fiscal policy -- 3. Monetary policy has benefited the stock and bond markets, which have consolidated their position as the main providers of international liquidity. -- 4. The international monetary and financial context has enabled the international capital market to behave countercyclically during the pandemic.