The Latin American Economic Outlook 2012: Transforming the State for Development was launched at the Ibero-American Summit in Asunción, Paraguay, on Friday 28 October at 12:00 GMT-4. For the first time, this long-standing flagship of the OECD Development Centre is co-published with the UN Economic Commission for Latin America and the Caribbean (ECLAC). The report was presented by OECD Secretary-General Angel Gurría and ECLAC Executive Secretary Alicia Bárcena in Asunción in the presence of high representatives of Ibero-American states.
While growth in advanced economies remains sluggish, the Latin America and the Caribbean (LAC) region grew 5.9% in 2010 and is projected to grow 4.4% in 2011. LAC states must now turn economic growth into sustainable economic and social development. Substantial reforms are needed to boost the economy and deliver better public services. If no action is taken, progress made up until now could unravel.