Latin America: Reversing Course
Latin America faces a productivity crisis as industry declines and exports revert to raw materials, according to new ECLAC analysis.
Deindustrialization and recommodification have been setting Latin American economies back for decades. The region's aggregate economy reached average annual growth rates of 0.9% from 2014 to 2023, compared to 2% a year four decades ago, notes Marco Llinás, head of Production, Productivity and Management Division at the Economic Commission for Latin America and the Caribbean (ECLAC).
The Covid-19 pandemic had an impact, but two parallel trends contributed steadily throughout the period: deindustrialization and the recommodification of exports.
The recent period logged average annual growth rates of 0.9%, compared to 2% a year four decades ago.
Author's summary: Latin America faces a productivity crisis due to deindustrialization and recommodification.
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