World economic forum on Latin America highlights challenges ahead for regional development.
| Autor | Marris, Johanna |
Around 1,200 business and government leaders from 65 countries met in Buenos Aires to discuss the challenges and solutions for Latin America's sustainable social and economic development.
The occasion was the 12th annual World Economic Forum on Latin America, which took place on April 5-7.
The forum's theme was "Fostering Development and Entrepreneurship in the Fourth Industrial Revolution," and key topics included the challenge of maintaining economic recovery in the region following two years of recession; Latin America's potential for growth and greater global integration through strengthening agricultural and renewable energy production; and risks to future growth, among them the political crises seen in many countries, corruption, and rising crime.
Argentina, as host, provided an interesting backdrop and example of some of the key aims and challenges for the region as a whole. The administration of President Mauricio Macri has reversed many of former President Cristina Fernandez's economic policies in an attempt to set the country on a more open, integrated path to development (NotiSur, March 25, 2016, and June 17, 2016). However, this process will take many years, and the immediate effects of greater austerity have been felt by the population, which has responded with increasing labor unrest and protests. On April 6, when the forum was in full swing, major unions organized a national strike against government economic policies, high inflation, and tariff hikes. The action included a gathering outside the hotel where the forum was taking place, as a visual reminder of some of the challenges of the region's transition to sustainability and the need for it to work for all sectors of the population.
The forum consisted of presentations and panels discussing views of the way ahead for Latin American development, with the participation of government ministers, business leaders, and multilateral representatives from across the region. Among the key themes emerging were the need to move away from dependence on raw material exports, the challenges of addressing corruption, and the need to improve regional integration.
Mineral exports
Mostly due to its abundant natural resources, Latin America has long relied on mineral exports for revenue as its primary means of sustaining broader economic and social development. However, due to commodity price fluctuations, this dependence leaves the region vulnerable to sharp income losses when prices fall...
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