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The global crisis that began in advanced economies has sent severe shocks around the world, posing a test to the economies of Latin America and the Caribbean. The good news is that during this decade the region has made itself more resilient to external shocks, by strengthening policy frameworks and reducing vulnerabilities in its public finances and financial systems. These preparations, the report shows, mean that countries are now more able to respond to the external crisis, many for the first time, with active policies to boost output and employment and protect the most vulnerable groups

La integración regional, en el pensamiento de Raúl Prebisch y la Cepal, se concebía como una herramienta esencial para generar mercados ampliados que permitieran apuntalar la industrialización y reducir la dependencia. El artículo afirma que, a 50 años de los primeros esfuerzos integracionistas, los resultados son decepcionantes. Las exportaciones intrarregionales apenas alcanzan 15% del total y los intentos por convertir a América Latina en una zona de libre comercio, con aranceles externos comunes y disciplinas comerciales homogéneas, han fracasado. Sin embargo, en la nueva etapa de globalización, marcada por el ascenso de China y la India, la integración sigue siendo un proyecto irrenunciable. (Nueva Soc/GIGA)

Despite some global risks, external conditions for Latin America should remain stimulative. With monetary policy in advanced economies expected to stay accommodative, external financing conditions will remain favorable. Strong demand from emerging Asian economies and the gradual recovery of advanced economies will continue to support commodity prices, benefiting exporters. The main policy challenge for most of the region is to take advantage of current conditions to continue buttressing a foundation for sustained growth. Other issues important to the region include: (i) strengthening balance s