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Latino Daily News

Sunday September 25, 2011

Latin American Economies Doing Well Inspite of Global Economic Problems Say Economic Ministers

Latin American Economies Doing Well Inspite of Global Economic Problems Say Economic Ministers

Photo: Latin American Economies Doing Well

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Latin America and the Caribbean continue to weather relatively well the problems currently afflicting the global economy, Inter-American Development Bank President Luis Alberto Moreno said today at a meeting of central bankers and finance ministers.

Speaking to members of the Group of 30, Moreno said: “Indeed for many countries, the external environment has been relatively positive, and the region has made significant and fundamental advances. Still, the region is in a position to advance even further.”

Progress, however, has been uneven. Countries that are net exporters of commodities to emerging markets or are capable of attracting foreign investment have outpaced their regional peers, Moreno noted.

Notwithstanding their current performance, Latin American and Caribbean governments need policies to offset risks building up in the global economy. Among the most pressing issues, Moreno listed preventing financial contagion in their banking systems, mitigating the effects of declining commodity prices, containing domestic inflationary pressures and addressing structural problems often overlooked due to short-term concerns.

Moreno made his remarks at a meeting of the Group of 30, which brought together central bankers, finance ministers, international financial institution leaders to discuss the global economic and financial outlook.

The event, held on the sidelines of the fall meeting of the Boards of Governors of the International Monetary Fund and the World Bank, was led by the G30’s chairman, former Bank of Israel Governor Jacob A. Frenkel, and IDB President Luis Alberto Moreno.

In the closing panel, IMF Managing Director Christine Lagarde, World Bank President Robert Zoellick and Moreno offered comments from the perspective of the Washington-based multilateral financial institutions.

This is the third time the IDB has hosted a G30 meeting. Over the past 30 years the G30 has produced more than 80 occasional papers and 25 special reports. It has also held 65 plenary meetings and a number of international banking seminars.