What are the essential transformations to overcome the development traps in which Latin America and the Caribbean are mired? And how to achieve higher and sustained growth, while reducing inequality and promoting social inclusion and mobility? These pressing issues were addressed by authorities from several countries in the region and renowned experts, during the second day of the Fortieth session of the Economic Commission for Latin America and the Caribbean (ECLAC), which takes place in Lima, Peru.
This Thursday, October 10, the High Level Seminar within the framework of the most important biennial meeting of the United Nations regional organization, which consists of four discussion tables that address the main problems raised by the ECLAC position document Latin America and the Caribbean facing development traps: essential transformations and how to manage thempresented on the opening day of the meeting (Wednesday, October 9) by the Executive Secretary of the organization, José Manuel Salazar-Xirinachs.
The first three tables of the seminar addressed the development pitfalls of Latin America and the Caribbean and the essential transformations; how to achieve higher, sustained, inclusive and sustainable growth; and how to reduce inequality and promote inclusion and social mobility. The fourth roundtable, on how to promote sustainability and confront climate change, will take place on Friday, October 11, during the last day of the 40th session of ECLAC.
Albert Ramdin, Minister of Foreign Affairs, International Business and International Cooperation of Suriname, participated in table No. 1 on the pitfalls of development, moderated by Giofianni Diglio Peirano Torriani, President of the Board of Directors of the National Center for Strategic Planning (CEPLAN) of Peru. ; Ángela Yesenia Olaya Requene, Minister of Science, Technology and Innovation of Colombia; Luis Felipe López Calva, General Director of the World Bank’s Poverty and Equity Global Practice (virtual); and José Antonio Ocampo, Professor at the School of International and Public Affairs at Columbia University.
They debated development strategies anchored in the State that would overcome the traps that hinder the achievement of greater growth, lower inequality and better environmental sustainability. In this area, topics such as foresight for risk management, education to promote social cohesion and mobility, as well as sustainable development, are fundamental. They are also intersectionality to work on problems at the local level and close the gaps that exist within the territories; investment in science and technology; the competitiveness and capabilities of micro, small and medium-sized enterprises (MSMEs); the promotion of development banking at the national level; advances in biotechnology; and above all, the need to address these issues in an interdisciplinary manner, with sufficient adaptive capacity to mitigate risks, in addition to working together on financing that supports the economy and allows the development of innovation capabilities in companies, which in turn, close social gaps and leverage political systems. In short, it is about achieving comprehensive development, as indicated by ECLAC in its document, the panelists indicated.
Table No. 2 on how to achieve higher, sustained, inclusive and sustainable growth, was moderated by José Berley Arista Arbildo, Minister of Economy and Finance of Peru, and included presentations by Pável Isa, Minister of Economy, Planning and Development of the Dominican Republic; Ernesto Stein, Distinguished University Professor of Public Policy at Tecnológico de Monterrey, Mexico; Bettina Woll de Montenach, Resident Representative of the United Nations Development Program (UNDP) in Peru; and Tomás Lopes-Teixeira, Representative of the Inter-American Development Bank Group (IDB Group) in Peru.
The panelists agreed that governments are the first protagonists to generate the conditions where an economy grows, generates equality and fiscal, tax and price stability. They highlighted that in the last decade, Latin America and the Caribbean has grown barely 1% of per capita income, which makes a productive transformation increasingly necessary; that is, a structural change based on the diversification of economies; the adoption of new technologies; collaboration between the public and private sectors, academia and civil society, which is essential to carry out all the required transformations; and economic growth that favors social inclusion. “The success of our policies will depend on our ability to implement structural changes in an inclusive and sustainable way… There are no easy solutions, but there is a clear direction: transforming our economies, improving social equity and protecting the environment are some of the pillars on which we must build our future,” they noted.
At table No. 3 on how to reduce inequality and promote inclusion and social mobility – which was moderated by Julio Javier Demartini Montes, Minister of Development and Social Inclusion of Peru – Laís Abramo, National Secretary of Care and Family of the Ministry of Development and Social Assistance, Family and Fight against Hunger in Brazil; Kirk DM Humphrey, Minister for People Empowerment and Aging Affairs of Barbados; Isabel Román, General Coordinator of the State of Education Report of the State of the Nation Program of Costa Rica; and Florencia Torche, Professor of Public and International Affairs and Sociology at Princeton University.
The participants indicated that they share the approaches of the ECLAC report that serves as the basis for the debates at this meeting, and especially its main conclusion: that inequality and the lack of mobility and social cohesion conspire against development, deepening social exclusion and they make the serious problems that the region is experiencing today increasingly more complex, such as the lack of sustained growth with high productivity, the deterioration of the well-being of large populations and the threats to democracy, problems of citizen security and environmental sustainability. They discussed how to overcome these difficulties, and especially about the need to design State social policies that can be implemented in the long term, beyond the specific periods of each government. Also about the importance of education, public health, comprehensive care policies and, ultimately, reconciling economic growth with social growth.
He Fortieth session of ECLAC will continue this Friday, October 11, with the fourth panel of the High-Level Seminar, on how to promote sustainability and confront climate change, and with the delivery of the report on the activities of the subsidiary bodies of ECLAC and the results of other intergovernmental meetings organized by ECLAC since its thirty-ninth session.
In addition, the report on activities of the ECLAC system, 2023, and the draft work program of the ECLAC system, 2026, will be presented, and then the resolutions of the meeting will be submitted for consideration and approval by the delegates and the event will close.
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