{"id":132840,"date":"2021-07-09T17:25:02","date_gmt":"2021-07-09T21:25:02","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=132840"},"modified":"2021-07-09T17:25:02","modified_gmt":"2021-07-09T21:25:02","slug":"growth-with-equity-the-priority-in-the-post-pandemic-agenda-for-latin-america-and-the-caribbean","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/growth-with-equity-the-priority-in-the-post-pandemic-agenda-for-latin-america-and-the-caribbean\/","title":{"rendered":"Growth with Equity, the Priority in the Post-pandemic Agenda for Latin America and the Caribbean"},"content":{"rendered":"
\"\"<\/a><\/div>
\"\"<\/a><\/div>

The pandemic has hit the Latin American and Caribbean region hard. Economies contracted more in 2020 than at any other time in over a century. For 2021, we expect a partial recovery that will bring hope. Nevertheless, the best way out of this crisis would be one in which the region can overcome the low growth that persisted before the pandemic, and that allows it to enter a path of greater development with equity and sustainability. For this to happen, Latin American countries must undertake actions and reforms aligned with that purpose.<\/p>

\"\"<\/a><\/div>\n

Last year, the Covid-19 crisis triggered an increase in poverty. The middle class became smaller in nearly every country. Most countries increased public spending to mitigate the impact of the pandemic, but the scope of these efforts failed to prevent large numbers of families from falling into poverty. The pandemic hit the most vulnerable hardest, which is reflected in rising inequality.<\/p>\n

The situation remains fragile. The regional poverty rate stands at 21.8 percent, but it could rise higher in 2021 if social protection policies are not sustained at current levels – a huge budgetary challenge in the midst of the crisis – and if economic growth does not accelerate.<\/p>

\"\"<\/a><\/div>
\"\"<\/a><\/div>\n

An unprecedented crisis like the current one requires an extraordinary response. Since the onset of the pandemic, countries have mobilized massive human and economic resources to respond to the emergency. Debt service was suspended for the poorest countries, and funds were created for vaccine procurement and distribution. In this context, the World Bank disbursed US$ 14.8 billion to support the public sector in the countries of the region. These resources were allocated to assisting the emergency response and bolstering economies for their speedy recovery.<\/p>

\"\"<\/a><\/div>\n

All of this assistance was vital for dealing with a difficult, and for many, painful situation. But now we must look to the future. If the region wants to achieve rapid, equitable growth, providing opportunities for all, it must get to work. How? To foster development, there are necessary – and urgent – reforms in three key areas:<\/p>\n