By J C Suresh | IDN-InDepth NewsReport
TORONTO (IDN) – Latin America has achieved economic growth and made significant progress in poverty reduction over the course of the last decade. But it is now facing headwinds, according to the latest Latin American Economic Outlook.
Jointly produced by the OECD Development Centre, the UN Economic Commission for Latin America and the Caribbean (UN ECLAC) and CAF – Development Bank of Latin America, the report was released in Panama City during the XXIII Ibero-American summit on October 18-19, 2013.
“Between 2003 and 2012, the region grew at an average annual rate of 4% thanks to the rapid rise of global trade and increasing commodity prices, and this despite the contraction brought about by the international financial crisis,” states the report.