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Uncertain global economic environment moderates expectations o - - PowerPoint PPT Presentation

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Uncertain global economic environment moderates expectations o Moderation in growth expectations for both advanced and emerging economies: Weakening of fiscal impulse in the USA, increases possibility of adjustment in growth Trade

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Uncertain global economic environment moderates expectations

  • Moderation in growth expectations for both advanced and

emerging economies:

▪ Weakening of fiscal impulse in the USA, increases possibility

  • f adjustment in growth

▪ Trade tensions between China-US adds to uncertainty ▪ Tensions in Europe: Brexit

  • Greater financial volatility and more restrictive financing

conditions:

▪ Normalization of monetary policy (more advanced in the US,

ECB adjusts QE)

▪ More rate increases are expected in 2019 ▪ Continued reduction in appetite for risk of investors ▪ High levels of public and private indebtedness

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SELECTED REGIONS AND COUNTRIES: GROSS DOMESTIC PRODUCT (GDP) GROWTH, 2017-2020a (In percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of the United Nations, World Economic Situation and Prospects, 2019, New York; Capital Economics (Dec. 2018); European Central Bank (September 2018), OECD Economic Outlook (November 2018), Monetary Policy Report of the Central Bank of Chile (September 2018), European Commission Nov 2018 and WEO of the International Monetary Fund (IMF) (October 9, 2018). aThe figures for 2018, 2019 and 2020 are projections.

Global growth losses synchronicity with a bias to deceleration

3.1 2.2 2.2 1.7 1.7 2.4 4.5 6.9 6.7 2.1 1.5 3.2 2.2 2.9 1.0 1.3 2.0 4.4 6.6 7.4 2.3 1.8 3.1 2.0 2.5 1.2 1.4 1.9 4.3 6.3 7.6 2.1 1.7 3.1 2.0 2.1 1.2 1.7 1.9 4.6 6.2 7.4 2.7 2.3 1 2 3 4 5 6 7 8 World Developed economies United States Japan United Kingdom Eurozone Emerging market and developing economies China Indiaᵇ Economías en transición Federación de Rusia 2017 2018ᵃ 2019ᵃ 2020ᵃ

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YEAR-ON-YEAR GROWTH RATES OF WORLD TRADE VOLUME, THREE-MONTH ROLLING AVERAGES, 2003 A 2019 (In percentages, based on a seasonally adjusted index)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of the Netherlands Bureau of Economic Policy Analysis (CPB), World Trade Monitor, 2018 and the World Trade Organization (WTO), press release of 27 September 2018, for the 2018 and 2019 projections.

World trade volume moderates with downside risks

  • 20
  • 15
  • 10
  • 5

5 10 15 20 Jan-03 Aug-03 Mar-04 Oct-04 May-05 Dec-05 Jul-06 Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 Feb-14 Sep-14 Apr-15 Nov-15 Jun-16 Jan-17 Aug-17 Mar-18 Oct-18 May-19 Dec-19

Jan 2003 - Jun 2007 8% Jul 2011 - Dec 2015 2% 2016 1.5% 2017 4.6% Forecast 2018 3.9% Forecast 2019 3.7%

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EVOLUTION OF THE RATE OF VARIATION OF GLOBAL LIQUIDITY, MARCH 2016 TO JUNE 2018 (Percentages)

Source: Bank for International Settlements (BIS), (2018). Note: Liquidity includes the total credit granted by the banks of the United States, Europe and Japan and debt issues in the international markets of the same countries.

… and global liquidity trends lower

1 2 3 4 5 6 7 8 9 10 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Global liquidity Emerging economies and developing countries Developed countries

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Source: BIS database.

GLOBAL INDEBTEDNESS BY GROUP OF COUNTRIES AND BY SECTOR, 2010, 2014 AND 2017 (In percentages of GDP)

With a significant increase in the level of global debt

INDEBTEDNESS BY LATIN AMERICAN COUNTRIES AND BY SECTOR, 2007, 2010, 2013 AND 2017 (In percentages of GDP)

Source: BIS database.

50 100 150 200 250 300 2010 2014 2017 2010 2014 2017 2010 2014 2017 Developed economies Emerging economies Total Government Households Non-financial corporate sector 20 40 60 80 100 120 140 160 180 2007 2010 2013 2017 2007 2010 2013 2017 2007 2010 2013 2017 2007 2010 2013 2017 2007 2010 2013 2017 Argentina Brazil Chile Colombia Mexico Government Households Non-financial corporate sector

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IMPLIED STOCK MARKET VOLATILITY, JANUARY 2016 TO NOVEMBER 2018

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Bloomberg. Note: The VIX index, prepared by the Chicago Options Exchange (CBOE), measures the expected volatility for the next 30 days and is obtained from the prices of the purchase and sale options on the S&P 500 index. Based on the same logic, the CBOE also generates the VXEEM index, which measures the volatility in emerging markets and the Deutsche Börse, together with Goldman Sachs, produces the V2X index, which measures the volatility in the euro area.

Volatility and financial uncertainty increases

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Increased financial volatility and lower risk appetite reflect falling portfolio capital flows into emerging markets

CAPITAL FLOWS TO LATIN AMERICA (13 COUNTRIES), ACCUMULATED IN THE LAST 12 MONTHS, JANUARY 2016 - SEPTEMBER 2018 (Proxy indicator of capital flows, base index 2016=100, 12 month rolling averages).

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

CAPITAL FLOWS TO EMERGING MARKETS, ACCUMULATED IN THE LAST 12 MONTHS, JANUARY 2016 – OCTOBER 2018a (In billions of dollars)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of the Central Bank of Chile (Financial Stability Report, second semester 2018, EPFR data).

  • 100
  • 50

50 100 150 200 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 20 40 60 80 100 120 140 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18

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…and increasing sovereign risk in emerging markets

LATIN AMERICA (13 COUNTRIES): SOVEREIGN RISK ACCORDING TO THE INDEX OF EMERGING MARKET BONDS (EMBIG), JANUARY 2016 - OCTOBER 2018 (Basis points)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on figures from JP Morgan and information from the Central Reserve Bank of Peru.

EMERGING ECONOMIES: SOVEREIGN RISK ACCORDING TO THE EMERGING MARKET BOND INDEX (EMBIG), JANUARY 2016 - OCTOBER 2018 (Basis points)

250 300 350 400 450 500 550 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18

Increase in sovereign risk in emerging economies

350 400 450 500 550 600 650 700 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18

Increase in sovereign risk in Latin America

Level of the EMBIG index at:

31 Dec. 2015 31 Dec. 2016 31 Dec. 2017 31 Oct. 2018 Argentina

438 455 351 652

Bolivia

250 83 203 275

Brazil

548 330 232 256

Chile

253 158 117 140

Colombia

317 225 173 186

Dominican Rep.

407

Ecuador

1266 647 459 722

Mexico

315 296 245 307

Panama

187

Paraguay

338 281 200 231

Peru

240 170 136 152

Uruguay

280 244 146 185

Venezuela

2807 2168 4854 5803

Latin America

605 473 419 512

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Economic growth in Latin America and the Caribbean has slowed, with differences between countries and subregions

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

LATIN AMERICA: GDP GROWTH RATE, FIRST QUARTER OF 2014 TO THE THIRD QUARTER OF 2018 (Percentages)

  • 4
  • 3
  • 2
  • 1

1 2 3 4 5 I II III IV I II III IV I II III IV I II III IV I II III 2014 2015 2016 2017 2018 Latin America Mexico and Central America South America

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Economic growth in 2018 is driven by private consumption with a slight increase in the recovery of investment and exports

LATIN AMERICA: GDP GROWTH RATES AND CONTRIBUTION BY EXPENDITURE COMPONENTS TO GROWTH, FIRST QUARTER OF 2014 TO THIRD QUARTER OF 2018 (Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

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The current account deficit slightly widened in 2018

LATIN AMERICA (18 COUNTRIES): BALANCE OF PAYMENTS CURRENT ACCOUNT BY COMPONENT, 2009 TO 2018a (Porcentajes del PIB)

a Values for 2018 correspond to projections.

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

1.1 0.5 0.5 0.2

  • 0.5
  • 0.7
  • 1.0

0.0 0.4 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.2

  • 0.9
  • 0.8
  • 0.8
  • 2.6
  • 3.1
  • 2.9
  • 2.8
  • 2.5
  • 2.6
  • 2.6
  • 2.6
  • 2.7
  • 2.9

1.5 1.2 1.1 1.1 1.1 1.1 1.3 1.5 1.5 1.7

  • 0.8
  • 2.2
  • 2.4
  • 2.5
  • 3.0
  • 3.3
  • 3.2
  • 1.9
  • 1.6
  • 1.9
  • 4
  • 3
  • 2
  • 1

1 2 3 4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018ᵃ Current transfers balance Income balance Services balance Goods balance

2016 2017 2018 Mexico and Central America Current Account

  • 2.3
  • 1.8
  • 1.9

Goods

  • 3.7
  • 3.4
  • 4.0

Services 0.7 0.6 0.8 Income

  • 3.0
  • 2.9
  • 2.9

Current transfers 3.8 3.9 4.2 South Americaᵃ Current Account

  • 1.8
  • 1.6
  • 1.9

Goods 1.6 1.9 1.9 Services

  • 1.5
  • 1.4
  • 1.6

Income

  • 2.5
  • 2.6
  • 2.9

Current transfers 0.6 0.5 0.7 The Caribbean Current Account

  • 6.9
  • 6.4

Goods

  • 13.7
  • 18.7

Services 6.0 11.6 Income

  • 3.3
  • 4.4

Current transfers 4.3 5.2

a Excludes Venezuela (Bol. Rep. of).

COMPONENTS OF THE CURRENT ACCOUNT BY SUBREGION

Percentages of GDP

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ANNUAL VARIATION IN INTERNATIONAL COMMODITY PRICES, 2016 TO 2019a (In percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of World Bank data; International Monetary Fund (IMF); Economist Intelligence Unit, Bloomberg and Capital Economics and IPoM of the Central Bank of Chile (September 2018) for the price of copper.

a Projections.

Note: Energy products include oil, natural gas and coal.

Lower commodity prices are expected in 2019

2016 2017 2018a 2019a 4 3

  • 2

6

  • 1

1 Foods 10

  • 3

1 Tropical beverages 1

  • 2
  • 8

5 Oils and oilseeds 2

  • 2

8

  • 1
  • 3

5 12

  • 14
  • 1

23 5

  • 5
  • 16

23 25

  • 13

Crude oil

  • 16

23 28

  • 16
  • 4

14 11

  • 7

2 11 4

  • 4

Agricultural products All commodities All commodities excluding energy products Foods, tropical beverages and oilseeds Forestry and agricultural raw materials Minerals and metals Energy products

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LATIN AMERICA AND THE CARIBBEAN (SELECTED COUNTRIES AND COUNTRY GROUPINGS): VARIATION IN THE TERMS OF TRADE, 2015 A 2018a (Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures. a Values for 2018 correspond to projections. b Excluded Venezuela (Rep. Bol. de). c Chile and Peru. d Argentina, Paraguay and Uruguay. e Bolivia (Est. Plur. de), Colombia, Ecuador and Trinidad and Tobago. f Excluded Trinidad and Tobago.

The terms of trade increase again, at lower rates, except Central America and the Caribbean

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LATIN AMERICA: GROSS PUBLIC DEBT OF THE CENTRAL GOVERNMENT, 2017 AND THIRD QUARTER OF 2018 (Percentage of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures. a Simple averages. The figures for fiscal indicators for 2018 correspond to projections derived from the 2019 budgets and official estimates for the end of 2018. The values of Ecuador, Honduras and Nicaragua are estimated on the basis of a moving sum up to the third quarter. In the cases of Mexico and Peru, the figures correspond to the federal public sector and the general government, respectively. The figures for public debt correspond to the third quarter of 2018, with the exception of Argentina, Chile, Colombia, Haiti, Panama and Uruguay, whose values cover up to the second quarter of 2018.

LATIN AMERICA (17 COUNTRIES): CENTRAL GOVERNMENT FISCAL INDICATORS, 2015 TO 2018a (Percentage of GDP)

LA-18 average 2017: 39.6% of GDP 2018 (3rd qtr): 41.0% of GDP

The fiscal adjustment process led to a reduction in the primary deficit and mixed results among countries with respect to public debt

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THE CARIBBEAN: GROSS PUBLIC DEBT OF THE CENTRAL GOVERNMENT, 2017 AND SECOND QUARTER OF 2018 (Percentage of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures. a Simple averages. The figures for fiscal indicators for 2018 correspond to projections derived from the 2019 budgets and official estimates for the end of 2018.

THE CARIBBEAN (12 COUNTRIES): CENTRAL GOVERNMENT FISCAL INDICATORS, 2015 TO 2018a (Percentage of GDP)

CAR-13 average 2017: 73.9% of GDP 2018 (2nd qtr): 72.1% of GDP

The Caribbean continues its mayor fiscal efforts: higher primary surplus and a downward trend in public debt

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LATIN AMERICA AND THE CARIBBEAN: DISAGGREGATION OF CENTRAL GOVERNMENT TOTAL EXPENDITURES, 2016-2018a (Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures. a Simple averages. The figures for 2018 are projections derived from the 2019 budget figures and government estimates for the close of 2018. In the cases of Peru and Mexico, they correspond to the general government and the federal public sector, respectively.

LATIN AMERICA AND THE CARIBBEAN: DISAGGREGATION OF CENTRAL GOVERNMENT TOTAL REVENUES, 2016-2018a (Percentages of GDP)

Tax revenues remain stable and spending restraint continues, but with a change in its composition

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LATIN AMERICA (17 COUNTRIES): CONTRIBUTION OF THE COMPONENTS OF PUBLIC EXPENDITURE TO THE INTER- ANNUAL VARIATION OF THE PUBLIC EXPENDITURE TO GDP RATIO, 2012-2017 (In percentages)

The recent containment of spending has affected capital spending and since 2017 primary current expenditure

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

  • 2
  • 1

1 2 3 4 5 6 2012 2013 2014 2015 2016 2017 2018 Interest payments Capital expenditure Primary current expenditure Total expenditure

Annual rate of change of the public expenditure to GDP ratio: 3.5 2.7 0.4 0.3 0.7 -0.8 -0.2

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Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Although in the first months of 2018, inflation increased in the economies of South America and the Caribbean, it is still under the target ranges

a Values to October. b Excludes the Bol. Rep. of Venezuela. c Excludiing Argentina, inflation for Latin America and the Caribbean in 2018

is 3.6% and for South America it is 3.3%.

Annual inflation rate (end of period, percentages) 2016 2017 2018ᵃ Latin America and the Caribbeanᵇ 7.3 5.6 7.0ᶜ South Americaᵇ 9.1 5.3 8.5ᶜ Central America and Mexico 3.7 6.4 4.2 The Caribbean 5.4 2.0 3.1

LATIN AMERICA AND THE CARIBBEAN: RATES OF VARIATION OF THE CONSUMER PRICE INDEX (CPI) IN TWELVE MONTHS, WEIGHTED AVERAGE, JANUARY 2015 TO OCTOBER 2018 (Base 2005 = 100)

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LATIN AMERICA (SELECTED COUNTRIES): MONETARY POLICY RATE IN THE COUNTRIES THAT USE IT AS THE MAIN INSTRUMENT, JANUARY 2015 TO OCTOBER 2018 (In percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Inflationary pressures and exchange rate volatility have affected the monetary policy space in some countries

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Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Exchange rate volatility increased considerably in 2018...

LATIN AMERICA AND THE CARIBBEAN (SELECTED COUNTRIES): VOLATILITY OF THE NOMINAL EXCHANGE RATE, AVERAGE OF THE ABSOLUTE VALUE OF INTER-DAILY VARIATIONS, 2016 TO 2018 (Per cent)

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LATIN AMERICA AND THE CARIBBEAN (SELECTED COUNTRIES): VARIATION OF THE NOMINAL EXCHANGE RATE, INTER-ANNUAL VARIATIONS, 2016 TO 2018a (Per cent)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Values to November.

Note: The negative sign indicates an appreciation of the currency.

…accompanied by depreciations in 16 currencies of the region

Argentina Brazil Chile Colombia Paraguay Peru Uruguay Mexico 2016 22.8

  • 17.8
  • 5.4
  • 5.4
  • 0.8
  • 1.7
  • 2.5

20.0 2017 17.3 1.8

  • 8.2
  • 0.5
  • 2.6
  • 3.5
  • 1.5
  • 5.2

2018 108.6 17.3 9.7 8.3 6.6 4.4 13.1 4.2 Costa Rica Guatemala Honduras Nicaragua Dominican Rep. Jamaica Trinidad and Tobago Suriname 2016 3.0

  • 1.4

5.0 5.0 2.5 7.4 5.0 85.4 2017 3.0

  • 2.4

0.4 5.0 3.4

  • 3.3

0.3 0.6 2018 6.6 5.0 3.0 5.3 3.7 1.6

  • 0.4

0.6

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LATIN AMERICA AND THE CARIBBEAN (SUBREGIONS): EVOLUTION OF INTERNATIONAL RESERVES, 2000 TO 2018a (In billions of dollars and percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Values to November.

International reserves remain stable in nominal terms, but experience a slight reduction in relation to GDP

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LATIN AMERICA AND THE CARIBBEAN: RATE AND NUMBER OF URBAN UNEMPLOYED, 2013 TO 2018 (Per cent and millions)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

The rate of urban unemployment stabilized, although the number of unemployed continued to increase

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  • 15.0
  • 4.4
  • 4.1
  • 2.6
  • 0.5

0.6 1.0 1.1 1.2 1.2 1.3 1.4 1.5 1.9 1.9 2.0 2.1 2.2 2.2 2.4 2.4 2.5 2.5 2.7 2.7 2.9 3.0 3.2 3.2 3.4 3.7 3.8 3.9 4.2 4.2 4.4 5.2 5.3 6.3

  • 20
  • 15
  • 10
  • 5

5 10 Venezuela (Bolivarian Republic of) Dominica Nicaragua Argentina Barbados SOUTH AMERICA Ecuador Cuba LATIN AMERICA LATIN AMERICA AND THE CARIBBEAN Brazil Haiti Jamaica Uruguay Trinidad and Tobago THE CARIBBEAN Saint Kitts and Nevis Mexico Belize El Salvador CENTRAL AMERICA AND MEXICO Bahamas Saint Lucia Colombia Suriname Guatemala Costa Rica CENTRAL AMERICA Saint Vincent and the Grenadines Guyana Honduras Peru Chile Paraguay Panama Bolivia (Plurinational State of) Granada Antigua y Barbuda Dominican Republic LATIN AMERICA AND THE CARIBBEAN: GDP GROWTH RATE, 2018 (Percentages, based on constant 2010 dollars)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

In 2018, Latin America and the Caribbean will grow 1.2%, slightly below 2017

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Synthesis

▪ Dynamics of the region will be highly influenced by the external context. ▪ Change in the external economic cycle: less dynamic global growth, strong dollar, higher interest rates, greater financial uncertainties. ▪ Commercial tensions continue to affect exports ▪ Fiscal consolidation puts pressure on social spending, public investment and spending on science and technology

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LATIN AMERICA AND THE CARIBBEAN: GDP GROWTH RATE, 2019 (Percentages, based on constant 2010 dollars)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

For 2019 growth is expected to reach 1.7%

  • 10.0
  • 2.0
  • 1.8

0.5 0.9 1.0 1.4 1.5 1.5 1.6 1.7 1.7 1.8 2.0 2.1 2.1 2.1 2.2 2.4 2.4 2.8 2.8 2.9 2.9 3.0 3.3 3.3 3.3 3.6 3.6 4.1 4.2 4.2 4.3 4.6 4.7 5.6 5.7 9.0

  • 15
  • 10
  • 5

5 10 Venezuela (Bolivarian Republic of) Nicaragua Argentina Barbados Ecuador Cuba SOUTH AMERICA Uruguay Saint Vincent and the Grenadines Trinidad and Tobago LATIN AMERICA AND THE CARIBBEAN LATIN AMERICA Jamaica Brazil Belize THE CARIBBEAN Mexico Bahamas El Salvador CENTRAL AMERICA AND MEXICO Haiti Suriname Costa Rica Saint Lucia Guatemala Chile CENTRAL AMERICA Colombia Peru Honduras Saint Kitts and Nevis Paraguay Granada Bolivia (Plurinational State of) Guyana Antigua y Barbuda Panama Dominican Republic Dominica

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On the external side: ▪ Prudential management of the dynamics of indebtedness and to protect the dynamics of the balance of payments On the fiscal side: ▪ Reduce elusion and evasion and illicit flows ▪ Strengthen tax revenues: both direct (personal income tax and wealth) and indirect (green and healthy) ▪ Protect and reorient public investment to projects with an impact

  • n sustainable development

▪ Strengthen automatic stabilizers with more progressive tax collection and effective social protection programs in phases of economic cycle deceleration

Public policies to strengthen the sources of growth and to face this situation of uncertainty

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A strategic view to grow and face external vulnerabilities

▪ Changing the export structure requires productive transformation and the development of capacities to diversify the modalities of international insertion, adding value and knowledge to its products ▪ Moving towards modern and sustainable economies must take advantage of the technological revolution as a strategic foundation to guide investment, innovation and production ▪ Orienting investment and industrial and technological policy around the environmental big push with decarbonization, combining innovative technologies (energy, mobility, communication and bioeconomy) with natural resources ▪ Reinventing regional integration beyond infrastructure and trade in

  • rder to link productive chains, convergence of regulatory policies and

intraregional trade ▪ Uniting national and regional efforts will attract investments in more dynamic sectors

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