Although Latin America is better prepared to withstand external shocks than in the past, the drastic deterioration of the global economy in 2009 heralds new difficulties for the region that for years has benefited from favorable global conditions.
On April 24, the Brookings Institution and the Andean Development Corporation (CAF) hosted a discussion on the present and future impact of the financial crisis on Latin America. CAF President Enrique García provided insight on how the region can build a basis for sustainable growth that does not excessively rely on commodities cycles and a limited number of export markets. Following his remarks, Mauricio Cárdenas, senior fellow and director of the Latin America Initiative at Brookings; Oscar Ivan Zuluaga, minister of finance of Colombia; and Daniel Kaufmann, senior fellow at Brookings, discussed some of the major challenges facing Latin America. After the program, the speakers took audience questions.