Learning from the Global Economic Crisis: IDB and IMF Reports for Latin America

In the aftermath of the most severe global crisis in recent times, Latin American and Caribbean nations have shown remarkable economic resilience, but it is time to take a closer look.

On June 17, the Latin America Initiative at Brookings welcomed experts from the Inter-American Development Bank (IDB) and International Monetary Fund (IMF) to examine the long-term outlook for the region in the context of the financial crisis, the recovery and challenges ahead. Two new reports spurred the discussion. Alejandro Izquierdo, principal economist of IDB’s research department, and Ernesto Talvi, executive director of the Center for the Study of Economic and Social Affairs, highlighted key findings from ”The Aftermath of the Crisis: Policy Lessons and Challenges Ahead for Latin America and the Caribbean.” Nicolás Eyzaguirre, director of the Western Hemisphere at the IMF, and Steve Phillips, chief of the Regional Studies Division at the IMF, discussed the IMF’s Regional Economic Outlook: “Taking Advantage of Tailwinds.”

Guillermo Calvo, professor of economics, international and public affairs at Columbia University; Nancy Lee, deputy assistant secretary for the Western Hemisphere, Office of International Affairs at the U.S. Department of Treasury; and Brookings Senior Fellow Mauricio Cárdenas, director of the Latin America Initiative, discussed the report’s findings based on regional perspectives. Brookings Senior Fellow Carol Graham moderated the discussion.