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Structural asymmetries and the health crisis: the imperative of a transformative recovery for the advancement of sustainable development in Latin America and the Caribbean

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  • Cimoli, Mario
  • Bárcena Ibarra, Alicia

Abstract

This article underscores the pressing need to transition to a new development model in Latin America and the Caribbean as the region strives to cope with the current health emergency. Statistics show that the Latin American and Caribbean region has been hit harder by the pandemic than any other and that it has also sustained the most damage in economic and social terms. This is attributable to long-standing structural factors that set the stage for the emergence of its present dysfunctional development pattern. The region grew by a scant 0.4% per year between 2014 and 2019 against the backdrop of a widening external productivity gap, deepening structural heterogeneity, low-productivity development paths and a declining share of wages in GDP. All this has eroded its social and economic development process. The economic reactivation effort must therefore be based on a package of coordinated, ambitious structural reforms in the areas of production, fiscal policy and institutional affairs in order to forge an inclusive and sustainable development style.

Suggested Citation

  • Cimoli, Mario & Bárcena Ibarra, Alicia, 2020. "Structural asymmetries and the health crisis: the imperative of a transformative recovery for the advancement of sustainable development in Latin America and the Caribbean," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    • Handle: RePEc:ecr:col070:46926
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    References listed on IDEAS

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    1. Ocampo, José Antonio, 2020. "International financial cooperation to address the Latin American economic crisis," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    2. -, 2019. "CEPAL Review no. 128," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    3. Torres, Miguel & Bárcena Ibarra, Alicia, 2019. "Del estructuralismo al neoestructuralismo: la travesía intelectual de Osvaldo Sunkel," Libros y Documentos Institucionales, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 44710.
    4. -, 2020. "CEPAL Review no. 131," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    5. -, 2020. "CEPAL Review no. 132. Special Issue. COVID-19 and the socioeconomic crisis in Latin America and the Caribbean," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
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    Cited by:

    1. Hernández Rosario, Anna Cristina, 2022. "Regional policy brief on building urban economic resilience during and after COVID-19 in Latin America and the Caribbean," Documentos de Proyectos 47873, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

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