Experts Analyze the Impact of a Possible Global Recession on Latin America and the CaribbeanSeptember 26, 2019
New York – The uncertainty and fear that a potential global recession could affect Latin America was at the center of debate in the second panel at the Global Forum Latin America and Caribbean, taking place in New York City and featuring 40 experts on public policy, international relations and economics, including several former heads of State.
Following the first session, which focused on socioeconomic trends and perspectives for the world and the fear that exists regarding trade tensions between the United States and China, the second centered on the impact of those trends in Latin America.
“The region is slowing down, we hope for only 0.5 percent growth, which is very low,” said Daniel Titelman, director for the Economic Division of the Economic Commission for Latin America and the Caribbean (ECLAC), who headed the presentation for the panel.
“In social terms, many of the achievements that have been accomplished in improving the distribution of income, poverty reduction, unfortunately have been coming to a standstill. Thus, one of the challenges is how to maintain these achievements,” he added.
Although ECLAC estimates that in 2018 poverty decreased slightly, extreme poverty has remained unchanged, according to what Titelman revealed in his presentation.
“Trade is slowing, it slowed in 2018, it contracted in 2019 which is reflected in the decelerating growth of economies,” explained Paolo Giordano, economist at the Inter-American Development Bank (IDB)
For Giordano, the keys for the region are diversification of production and of markets.
Also participating in the panel on socioeconomic perspectives for Latin America was Otaviano Canuto, economist from the Center for Macroeconomics and Development, Gonzalo Paz, researcher from Georgetown University and Francisco Sánchez, former Under Secretary of Commerce of the United States.
The event is organized by the Global Foundation for Democracy and Development (GFDD), Fundación Global Democracia y Desarrollo (Funglode) and the International Institute for Democracy and Electoral Assistance (International IDEA) with the support of the Economic Commission for Latin America and the Caribbean, World Leadership Alliance–Club de Madrid, the Institute of Latin American Studies of Columbia University and the Central American Integration System.
Panel 2: Socioeconomic Perspectives for Latin America
Autor: Daniel Titelman, Director, Economic Development Division, United Nations Economic
Commission for Latin America and the Caribbean (ECLAC)
Join the conversation @GlobalForumLAC on Twitter, Facebook and Instagram.