Drivers of Economic Growth in Latin America: Evolution and Challenges

Abstract

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During the current century the evolution of economic growth in Latin America is the result of the learning obtained after several decades of instability and significant economic imbalances. The region was able to overcome the uncertainty generated by the crisis at the beginning of the century, to emerge with high rates of economic growth and improvement in the level of development in most countries. This chapter presents how some key factors affect Latin America´s economic growth. First of all, it examines the influence of government policies on the improvement of regional economic growth. Secondly, it analyzes the role played by two factors such as education and information and communication technologies (ICT) on Latin America´s economic growth. Thirdly, it studies the positive contribution of the external sector to economic development in that region. Finally, it outlines a review of the main challenges and limitations of economic growth in this emerging region.