Can Latin America Escape Its Second Lost Decade?
Latin America’s economies continued to be the worst-performing in the developing world in 2023. To boost economic growth, the region’s political leaders must increase their investments in science and technology, foster regional integration, and reaffirm their commitment to democratic governance.
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BOGOTÁ – Latin America has come to the end of its second lost decade of development. Average annual growth hovered just below 0.9% for the 2014-23 period – worse than the 1.3% rate in the 1980s. GDP per capita, however, is projected to be slightly higher in 2023 than in 2013, owing to slower population growth. By contrast, it was not until 1994 that the region’s GDP per capita returned to its 1980 level. Still, Latin America has a severe growth problem.