International Trade Outlook for Latin America and the Caribbean 2020: Regional integration is key to recovery after the crisis
The rapid spread of COVID-19 and the measures taken to contain it have severely impacted global and regional trade. Latin America and the Caribbean face their worst recession since the 1930s, with significant contractions in both goods and services trade. The region's trade performance in 2020 is expected to be the worst since the global financial crisis, with a projected 13% contraction in goods exports and a 20% decline in goods imports. Intraregional trade, particularly affected, is projected to fall by 24%.
(Generated with the help of GPT-4)
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| Report location: | source |
| Language: | English |
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| Page count: | 179 páginas. |
Methods
The research method used in the report involves analyzing the political economy of integration, assessing the trend and composition of intraregional trade, and examining the infrastructure needs for regional integration. The report utilizes multi-country input-output tables, trade data, and indices of revealed comparative advantage to identify potential for intraregional trade and production linkages. It also considers the impact of global economic transformations and the COVID-19 pandemic on regional trade and integration efforts.
(Generated with the help of GPT-4)
Key Insights
Regional economic integration in Latin America and the Caribbean has been a long-standing goal, with varying degrees of success over the past 60 years. Despite progress in liberalizing goods trade within subregional groupings and developing regulatory frameworks, intraregional trade has been declining since 2014. The region's two largest economies, Brazil and Mexico, have low levels of intraregional trade, and their economic links with China and the United States have grown. The Pacific Alliance and MERCOSUR offer a potential path for convergence and fostering closer links between South America and Mexico.
(Generated with the help of GPT-4)
Additional Viewpoints
Categories: English publication language | brazil | china | convergence | covid-19 impact | economic recession | export contraction | global economy. | import decline | intraregional trade | mercosur | mexico | pacific alliance | production linkages | regional integration | regulatory frameworks | trade liberalization | trade performance | trade potential | united states