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World Banks Predicts 5.1% Growth For Caribbean And LatAm Economy,
by Amanda Banks, Tax-News.com, London
Wednesday, January 02, 2008
Latin America and the Caribbean's economy to grow about 5.1% this year, according
to the World Bank.
However, while the forecast is slightly higher than the bank's previous 4.8% growth
forecast, the Washington D.C.-based institution foresees growth coming down
slightly in 2008 due to the stabilization of commodity prices and the impact
of the US economic slowdown.
Some countries that export commodities have benefited from recent high prices in
these market, but others, such as Central American countries, have been hit
hard, as they are net importers of foods and energy, the bank said.
"The good news is that there is good news in Latin America", said
Pamela Cox, World Bank Vice President for Latin America and the Caribbean, during
an end-of-year press briefing in Washington. She added that Latin America remains
well prepared to face the mortgage loan crisis unleashed in the US.
"Latin America is in a far better position than it has been in the past.
Countries are running good, external surpluses; we have seen a strengthening
of budgeting policies and strengthening of financial sector policies in Latin
America, which makes it much more resilient than in the past", she emphasized.
However, she explained that dangers still lurk for the region, particularly
in countries that have strong trade ties with the US and that receive a large
amount of remittances from expats working in America. She explained that some
effects have been noticed already in the last quarter of this year, although
only in Mexico and Central America, where remittances sent by immigrants in
the US declined, especially from those who work in the construction industry.
"Overall, we are going into 2008 very positive about the developments
in Latin America and very positive about the role of the World Bank in the region",
Cox observed.
Referring to the announced creation of Bank of the South (Banco del Sur),
Cox said that "a little competition is a good thing", and that "no
country in the region needs to come to the World Bank for financial services
only." When they do, she said, it is because "we facilitate development
solutions, the help, and the assistance in working through the problems. Our
role in the region is not just about money…it is also about the knowledge
and the experience and the problem solving and implementation support we give."
To compete better globally against other regions like Asia or Eastern Europe,
Cox said that the Caribbean and Latin America should invest in improving the
quality of education, research and development and innovation, as well as reducing
the cost of doing business in the region.
"China invests 3 percent of its gross domestic product in research and
innovation, but Latin America invests only 1 percent as a region", she
concluded.
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