Cashing in on education

In the fi rst decade of this century, Latin America went through a period of sustained
growth accompanied by a reduction in income inequality. Since then, however, in the wake of slower world growth and weaker commodity prices, regional growth has slowed down considerably. Other than a large and sustained rebound in commodity prices, regional growth will depend more on internal factors: faster capital accumulation, increased labor force participation, and higher productivity. Moreover, further reductions in inequality may be harder to achieve, as the wage premium has already fallen signifi cantly, and there is little fi scal space for further social spending.
[Washington, DC: 2016]

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