![]() Tackling these structural challenges will require progressive governance and a focus on clear economic objectives like creating jobs, boosting productivity, reducing poverty, closing the digital divide, and accelerating the clean-energy transition. And while no two countries in the region are alike, they do face a common set of structural challenges, including dependence on natural resources, low productivity, weak public-sector capacity, and narrow fiscal space. Still, many countries have an opportunity to redefine their economic policies. Compared to 2021, Latin America’s poverty rate will increase by 0.9 percentage points to 33%, and extreme poverty will rise by 0.7 percentage points to 14.5% in 2022. Growth in the region, which rebounded impressively from COVID-19 to reach an average rate of 6.8% in 2021, will fall to just 1.8% this year, with crippling effects on the most vulnerable people. SANTIAGO – The war in Ukraine and the global cost-of-living crisis are hitting Latin America and the Caribbean (LAC) hard. ![]()
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