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Eight proposals to reactivate the economy and the labor market in Latin America

Eight proposals to reactivate the economy and the labor market in Latin America

The Economic Commission for Latin America and the Caribbean of the United Nations (celac) pointed out that 2023 is going to be a difficult year for the countries of Latin America and the Caribbean, since the average growth will be 1.3% in 2023.

Governments will now face difficulties in promoting job creation, maintaining spending and social transfers, and investing in education. In addition, the region is facing episodes of social unrest.

So political priorities must focus on reactivating labor markets, limiting increases in the cost of living, improving tax collection and more.

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However, there are reasons to maintain optimism and there are sources of opportunities that must be taken advantage of in the region.

  1. world supply. The restructuring of global production processes creates opportunities for the region to take advantage of the reconfiguration of the global supply chain and the corresponding production pooling dynamics.
  2. energies. Currently, Latin America and the Caribbean has great energy potential, both in traditional energies such as hydrocarbons, as well as renewable, clean and modern energy sources.
  3. New modes of production. These are associated with new technologies related to the circular economy, electro-mobility, digital transformation and the explosion in the export of modern services such as electronic commerce, fintech and more.
  4. Recovery of tourism. This year promises to bring the recovery of one of the most important sectors for Mexico, Central America and more countries.
  5. Year of stabilization. 2022 was a year of crisis, so 2023 could be the year of stabilization and even a turnaround, a change that could reduce the cost of servicing the foreign debt and ease restrictions on access to new financial resources.
  6. Debt renegotiation. An improvement in the international financial architecture to create multilateral debt renegotiation mechanisms for all emerging and developing economies.
  7. Regional integration. This source depends on the political commitment and pragmatism of the region’s authorities. Let us remember that the region itself is the main destination of its manufactured exports.
  8. Advances in gender equality. The emphasis is found after the XV Regional Conference on Women in Latin America and the Caribbean, where an ambitious agenda was discussed to boost the participation rate of women in the labor force.

Source: Gestion

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