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Latin America’s
Growth Frustrations:
The Macro and Mesoeconomic Links |
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José Antonio Ocampo
Seminar on Management of Volatility
Financial Liberalization and Growth in Emerging Economies
ECLAC Headquarters, Santiago
Conference Room II
April 24-25, 2003
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 Whereas
the return of moderate rates of economic growth in 1990-1997 generated positive
evaluations of Latin America's reform efforts (see Edwards, 1995; IDB, 1997; and
World Bank, 1997), the new "lost half-decade" of 1998-2002 has brought an
extensive reevaluation of these early assessments (ECLAC, 2003a; Kuczynski and
Williamson, 2003). The new development strategy has been effective in generating
export dynamism, attracting foreign direct investment (FDI) and increasing
productivity in leading firms and sectors. In most countries, inflation trends
and budget deficits have been effectively brought under control, and confidence
in the macroeconomic authorities has increased.
 Nonetheless,
economic growth has been frustratingly low and volatile, and domestic savings
and investment have remained depressed. Overall productivity performance has
been poor, largely as a result of a growing underutilization of the available
labor force. Increasing productive and labor market dualism has become one of
the most distinctive effects of the reform process, with the expansion of "world
class" firms (many of them subsidiaries of multinationals) coinciding with
increasing unemployment and labor market informality.
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April 28, 2003
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