Social inclusion. On December 12, the Economic Commission for Latin America and the Caribbean (ECLAC) published its Preliminary Overview of the Economies of Latin America and the Caribbean 2019. The document states that these economies will conclude the year with a slight growth of 0.1%, reflecting the region’s worst performance in the last seven decades. ECLAC recommends implementing mechanisms to reactivate economic activity through greater public investment in social policies with a view to making these effective throughout the region in the next few months, and securing an improvement in economic performance by 2020.
According to the report, the slowdown in domestic demand is accompanied by low external aggregate demand and more “fragile” international financial markets. This context is compounded by growing social demands and pressures to reduce inequality and increase social inclusion. In this regard, 23 of 33 countries in Latin America and the Caribbean (18 of 20 in Latin America) showed slower growth figures during 2019, and 14 nations will reflect an expansion of 1% or less by the end of the year.
ECLAC recommends developing social and labor inclusion policies to eradicate poverty and reduce inequality among vulnerable low- and middle-income populations. In addition, it recognized the need for a labor market able to guarantee quality employment and decent wages, eliminating barriers to the integration of women. The idea is to strengthen the development of comprehensive social protection systems within the framework of a Welfare State system focused on rights and equality. This is a key step in the fight to combat poverty and achieve sustainable development.
ECLAC published the Preliminary Overview of the Economies of Latin America and the Caribbean on December 12. The report describes this decade as the one with the worst economic performance on record in the last seventy years. To reverse this trend, it recommends greater public spending to promote investment and policies to improve the countries’ labor markets. The ECLAC will drive these measures and work with national states throughout 2020.