PANAMA CITY, Panama, CMC – The Inter-American Development Bank (IDB) says world growth is likely to be suppressed below potential for several years to come, but Latin America and the Caribbean can escape this global outlook and boost growth significantly by adopting appropriate structural reforms. In its annual macroeconomic report, titled “Rethinking Reforms,” the Washington-based financial institution which is holding its annual meeting here, said that if countries across the region embrace reforms that are tailor-made to their particular institutions and situation, regional spillovers will give an additional considerable boost to growth. “We are expecting moderate growth in the region for several years and even if there is room for counter-cyclical fiscal policy, countries should refrain as fiscal space has also diminished,” said Santiago Levy, IDB Vice President Sectors and Knowledge.
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