Latin American and Caribbean (LAC)region were bumping against capacity constraints withunemployment reaching historically low levels and economicactivity hitting bottlenecks and central banks were thusengaged in combating upward price pressures through tightermonetary policies. The focus of attention was, as a result,shifting towards the longer-term growth and equity agendasin what appeared to be a more tranquil global environment.This LAC region continues on a relatively robust growth pathafter a remarkable performance in the aftermath of theglobal financial crisis. In effect, as discussed in ourApril 2011 report "LAC success put to the test,"the region's recession in 2009 was relatively shortlived and surprisingly mild compared to other middle-incomecountries (MICs) and to its own past and its recovery in2010-2011 strong. This report starts by setting the stage onthe external environment. It provides an overview of recenteconomic developments and the prospects for the LAC regionin coming months, including an analysis of the sources ofexternal risks for the region.
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