Latin America’s Growth Conundrum
Since 1960, only a few countries in Latin America have narrowed the gap between their per capita income and that of the United States, while most of the region has lagged far behind. Making up for lost ground will require a coordinated effort, involving both technocratic tinkering and bold political leadership.
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RIO DE JANEIRO/MEXICO CITY/LONDON – Economic theory suggests that poor countries should, over time, converge toward the income levels of advanced economies. While that has happened in East Asia and Central Europe, Latin America still lags behind. Since 1960, only a few countries in the region have managed to narrow the gap between their per capita income and that of the United States – and even in those cases, the gains have been small.