Beyond commodities

The Latin America and the Caribbean (LAC) region has had a “decade of convergence.” During the past decade, countries in LAC exhibited high growth rates and recovered quickly after the global financial crisis. The region benefited from favorable external conditions, in particular high commodity prices, and relatively loose financial conditions, especially in the United States. LAC lost considerable ground vis-à-vis U.S. income levels from 1980 until the early 2000s, but has converged somewhat to the U.S. level since then. The rate of growth in LAC has been higher in this period, but also higher than the rate in the United States (and many advanced economies), hence constituting a “decade of convergence.”
[Washington, DC: 2016]

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