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Breaking away from Mediocre Complacency to a Prosperous Future

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  • Claudio Loser

    (Claudio Loser is the CEO and President of Centennial Latin America, and an Advisor of the Emerging Markets Forum. He is also Senior Fellow at the Inter-American Dialogue. Since 2005 he has been Adjunct Professor at George Washington University. Formerly, he was the Director of the Western Hemisphere Department at the International Monetary Fund, Washington, DC. E-mail: claudio@centennial-group.com)

  • Anil Sood

    (Anil Sood is a Director of the Emerging Markets Forum, and was formerly Vice President for Strategy at the World Bank. He has advised the chief executives of a number of development organizations, including the African Development Bank, the Islamic Development Bank, the United Nations Development Program, and the United Nations Economic Commission for Africa on matters of strategy and development effectiveness. E-mail: asood2@gmail.com)

Abstract

Latin America has been one of the most prosperous regions among the group of emerging economies. However, particularly in recent decades, Latin America has not managed to keep up with the growth of other emerging economies. This article lays out some reasons to explain the region’s lackluster economic growth. It proposes that the region and its leaders need to promote a vision of a vibrant, fastgrowing economic region where more inclusion, higher productivity, and increased competition and openness are the objects of national policy. While no regions are equivalent, the example of East Asia, even with its own vulnerabilities provides important lessons for Latin America, as it devises policies to free it from the middle-income trap.

Suggested Citation

  • Claudio Loser & Anil Sood, 2011. "Breaking away from Mediocre Complacency to a Prosperous Future," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 3(1), pages 5-58, January.
    • Handle: RePEc:sae:emeeco:v:3:y:2011:i:1:p:5-58
    DOI: 10.1177/097491011000300102
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    References listed on IDEAS

    as
    1. Gavin, Michael & Hausmann, Ricardo & Talvi, Ernesto, 1997. "Saving Behavior in Latin America: Overview and Policy Issues," IDB Publications (Working Papers) 6204, Inter-American Development Bank.
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    3. Harpaul Alberto Kohli & Phillip Basil, 2011. "Requirements for Infrastructure Investment in Latin America Under Alternate Growth Scenarios," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 3(1), pages 59-110, January.
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