Patrones de desarrollo en América Latina: ¿Convergencia o caída en la trampa del ingreso medio?

Abstract

"Latin America is the region with the highest number of middle income countries in the world. However, during most of the XX century, the per capita growth rates of the countries of our region have been lower than those of developed countries. This phenomenon is traditionally known as "the middle income trap . This paper evaluates if the loss of growth dynamism is something to be expected as the income gap with developed economies is reduced. During the past decade, most countries of Latin America have presented sound macroeconomic management, together with significant social initiatives, substantial microeconomic development, and favorable international conditions. Nonetheless, the region still needs to attend structural problems: enormous social disparities, low levels of domestic savings and investment, excessive concentration of exports in commodities with low added value, and the lack of relative productivity. To a great extent, these changes explain why Latin America has lost relevance in the world economy during the past 40 years."