ECLAC alert to weakness of emerging markets
For the Herald
An annual report, Panorama of the International Insertion of Latin America and the Caribbean in 2016, prepared by the Economic Commission for Latin America and the Caribbean (whose Spanish acronym is ECLAC) shows that Latin American and Caribbean foreign trade registered its worst performance in eight decades this year.
The value of the region’s 2016 exports will fall for the fourth year running by around five percent due to less dynamic global demand for its products and growing uncertainty — although this decline is substantially less than in 2015 (-15 percent). Meanwhile, imports will drop by 9.4 percent, similar to the previous year (-10 percent).
Mario Cimoli, Director of ECLAC’s Productive and Entrepreneurial Division, concludes in the report: “We have to rethink the strategy for the international insertion of Latin America and the Caribbean,” pointing out that trade is no longer the motor driving growth in all economies.