{
  "title": "Regional Economic Outlook: Western Hemisphere Hemisphere Department",
  "publication": "Western Hemisphere, May 6, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/latin-america-and-the-caribbean",
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  "summary": "IMF Regional Economic Outlook: Western Hemisphere Department",
  "sections": [
    {
      "heading": "Executive summary and regional outlook",
      "content": "- Growth in Latin America is set to pick up to about 3½ percent in 2013, broadly in line with potential.\n- The region continues to benefit from favorable external financing conditions and relatively high commodity prices, but these tailwinds are unlikely to last forever.\n- Key challenges for policymakers:\n  - Preserving macroeconomic and financial stability.\n  - Building strong foundations for sustained growth in the future."
    },
    {
      "heading": "Policy recommendations and macroeconomic guidance",
      "content": "- Fiscal policy:\n  - More prudent fiscal policy would help ease pressure on capacity constraints.\n  - More prudent fiscal policy would mitigate the widening of current account deficits.\n  - More prudent fiscal policy would prepare the economies better to deal with adverse external shocks.\n- Exchange rate and prudential measures:\n  - Exchange rate flexibility and prudential measures should continue to be used to discourage speculative capital flows.\n- Structural reforms:\n  - Sustaining strong output growth will require structural reforms to raise productivity growth."
    },
    {
      "heading": "Regional and country-level themes covered",
      "content": "- The United States, Canada, and the World: Outlook and Policy Challenges\n  - Global Backdrop: Receding Risks, Three-Speed Recovery\n  - The United States: Modest Growth, Bright Spots Appearing\n  - Canada: Moderating Growth Amid Currency Strength\n- Outlook and Policy Challenges for Latin America and the Caribbean\n  - Overview\n  - Policy Challenges\n  - Financially Integrated Economies\n  - Other Commodity Exporters\n  - Central America, Panama, and the Dominican Republic\n  - The Caribbean\n- Is the Growth Momentum in Latin America Sustainable?\n  - What Factors Drove the Recent Strong Growth Performance?\n  - Is the Recent Strong Performance Sustainable?\n  - Policy Implications\n  - Annex 3.1. Data and Methodology\n- Latin America’s Fiscal and External Strength: How Dependent Is It on External Conditions?\n  - Introduction\n  - A Decade of Falling Public and External Debt, 2003–12\n  - External Factors and Debt Sustainability\n  - Conclusions\n  - Annex 4.1. Global Variables under Alternative Scenarios\n- Is Latin America Saving Its Terms-of-Trade Windfall? A Metric\n  - The Terms-of-Trade Windfall—a Historical Perspective\n  - A Measure of Windfall Saving\n  - Concluding Remarks\n  - Annex 5.1"
    },
    {
      "heading": "Analytical focus areas and supporting materials",
      "content": "- Boxes addressing topical issues:\n  - 1.1 U.S. Household Balance Sheets After Five Years of Repair\n  - 1.2 Canadian and Mexican Exports to the United States: A Tale of Two Countries\n  - 2.1 Taking Stock of European Banks’ Deleveraging in Latin America\n  - 2.2 Foreign Ownership of Local Currency Securities and Exchange Rate Flexibility\n  - 2.3 Sustaining Progress in Banking Regulation and Supervision in Latin America\n  - 2.4 The Caribbean: In Search of Lost Competitiveness\n  - 4.1 Optimal Sovereign Debt Levels: The Information in Sovereign Spreads\n- Tables and indicators included:\n  - Western Hemisphere: Main Economic Indicators\n  - Western Hemisphere: Main Fiscal Indicators\n  - Western Hemisphere: Selected Economic and Social Indicators\n  - Macroprudential (MaP) and Capital Flow Management (CFM) Measures in Latin America\n\nIMF Regional Economic Outlook: Western Hemisphere Department\n\n---\n\n Content in this bundle\n\n- Após uma década de ouro, conseguirá a América Latina manter o seu brilho?\n  - Após uma década de ouro, conseguirá a América Latina manter o seu brilho? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Após uma década de ouro, conseguirá a América Latina manter o seu brilho? (PDF){rel=\"external\" type=\"application/pdf\"}\n- REGIONAL ECONOMIC OUTLOOK — America Latina crescerá mais em 2013\n  - REGIONAL ECONOMIC OUTLOOK — America Latina crescerá mais em 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - REGIONAL ECONOMIC OUTLOOK — America Latina crescerá mais em 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Perspectivas económicas: Las Américas (edición abril de 2013)\n  - Perspectivas económicas: Las Américas (edición abril de 2013) (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Perspectivas económicas: Las Américas (edición abril de 2013) (PDF){rel=\"external\" type=\"application/pdf\"}\n- Regional Economic Outlook -- Western Hemisphere: Time to Rebuild Policy Space; May 2013\n  - Regional Economic Outlook -- Western Hemisphere: Time to Rebuild Policy Space; May 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Regional Economic Outlook -- Western Hemisphere: Time to Rebuild Policy Space; May 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n- wreo0513s\n  - wreo0513s (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wreo0513s (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Release\n- Survey Story\n- Blog — iMFdirect\n- Western Hemisphere: Regional Economic Outlooks Archive\n- Regional Economic Outlooks\n- IMF Regional Reports\n- World Economic Outlook Archives\n- Subscribe\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/latin-america-and-the-caribbean"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/reo/wh/issues/2017/01/07/latin-america-and-the-caribbean/index.md)",
    "[Structured JSON version](/en/publications/reo/wh/issues/2017/01/07/latin-america-and-the-caribbean/index.json)",
    "[Bundle manifest](/en/publications/reo/wh/issues/2017/01/07/latin-america-and-the-caribbean/bundle-manifest.json)",
    "Published: May 6, 2013",
    "Series: Western Hemisphere",
    "Growth in Latin America is set to pick up to about 3½ percent in 2013, broadly in line with potential.",
    "The region continues to benefit from favorable external financing conditions and relatively high commodity prices, but these tailwinds are unlikely to last forever.",
    "Key challenges for policymakers:",
    "Fiscal policy:",
    "Exchange rate and prudential measures:",
    "Structural reforms:",
    "The United States, Canada, and the World: Outlook and Policy Challenges",
    "Outlook and Policy Challenges for Latin America and the Caribbean",
    "Is the Growth Momentum in Latin America Sustainable?",
    "Latin America’s Fiscal and External Strength: How Dependent Is It on External Conditions?",
    "Is Latin America Saving Its Terms-of-Trade Windfall? A Metric",
    "Boxes addressing topical issues:",
    "Tables and indicators included:",
    "**Após uma década de ouro, conseguirá a América Latina manter o seu brilho?**",
    "**REGIONAL ECONOMIC OUTLOOK — America Latina crescerá mais em 2013**",
    "**Perspectivas económicas: Las Américas (edición abril de 2013)**",
    "**Regional Economic Outlook -- Western Hemisphere: Time to Rebuild Policy Space; May 2013**",
    "**wreo0513s**",
    "[Press Release](https://www.imf.org/external/np/sec/pr/2013/pr13153.htm)",
    "[Survey Story](https://www.imf.org/external/pubs/ft/survey/so/2013/CAR050613A.htm)",
    "[Blog — iMFdirect](http://blog-imfdirect.imf.org/2013/05/06/after-a-golden-decade-can-latin-america-keep-its-luster/)",
    "[Western Hemisphere: Regional Economic Outlooks Archive](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx?ddlRegions=12&ddlYear=-1)",
    "[Regional Economic Outlooks](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx)",
    "[IMF Regional Reports](https://www.imf.org/external/pubs/cat/region.asp)",
    "[World Economic Outlook Archives](https://www.imf.org/external/ns/cs.aspx?id=29)",
    "[Subscribe](https://www.imf.org/external/RSS/feeds.aspx?Category=PUBS_GF)",
    "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)",
    "[Modify your profile](https://www.imf.org/en/email-subscription/login)"
  ],
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