Growth in the region made up of Latin America and the Caribbean is a priority for the International Monetary Fund. For this reason, it has urged governments to allocate the necessary resources to face current economic, fiscal and social challenges.

On Friday, October 25, the international organization asked representatives of Latin America and the Caribbean to include in their agenda the discussion of reforms that will allow them to boost their economy.

“In its Regional Economic Outlook, the IMF projected that the region’s growth will accelerate from 2.1 percent this year to 2.5 percent in 2025. But the expansion of the so-called AL7 group, which includes Brazil, Chile, Colombia, Mexico, Paraguay, Peru and Uruguay, is projected to slow from 2.4 percent in 2024 to 2.0 percent next year.”

According to Rodrigo Valdés, director of the IMF’s Western Hemisphere Department, “the urgency of deepening reforms for growth really applies to almost all economies in the region.”

According to the IMF’s estimates of medium-term growth for the region (excluding Argentina and Venezuela), it “is projected to be around 2.5 percent annually over the next five years and will likely remain close to its low historical average. This reflects persistent and unresolved challenges, such as low investment, slow productivity growth and demographic changes.”

The IMF stressed in its report that low economic growth is marked by factors such as social discontent, entrenched populist policies, “slowdown in the expansion of the labor force due to falling birth rates and an aging population,” among others.

The absence of fiscal consolidation reforms will cause the region’s debt to continue to grow, according to the IMF, which has asked governments to increase personal income tax collection.

M.Pino

Source: jornada

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The United Nations Development Programme (UNDP) Multidimensional Poverty Report 2024, prepared together with the Oxford Poverty and Human Development Initiative (OPHI), indicates that 1.1 billion people are affected by extreme poverty and of these, some 500 million are in conflict contexts.

UNDP and OPHI highlight that the poverty rate in “conflict-affected countries is three times higher than in countries without conflict.”

The research, covering 112 countries and 6.3 billion people, provides shocking data on poverty in countries with conflict and war.

Achim Steiner, UNDP Administrator, said: “Conflicts have intensified and multiplied in recent years, reaching new records in casualties, displacing millions of people and causing major disruption to their lives and livelihoods.”

Steiner believes that resources are needed to support these populations in extreme poverty “and access to specialized interventions in development and early recovery to break the cycle of poverty and crises,” particularly in countries at war.

In nations immersed in conflict, “more than one in four poor people do not have access to electricity, compared to just over one in twenty in more stable regions. Similar disparities are observed in areas such as early childhood education (17.7 % versus 4.4 %), nutrition (20.8% versus 7.2 %) and infant mortality (8 % versus 1.1 %),” the report details.

M.Pino

With information from the United Nations Development Program

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The International Monetary Fund predicts a progressive decline in global inflation and economic growth in the medium term, beyond differences between countries in fiscal, economic, and investment matters, as well as policies to generate employment and reduce poverty.

According to the international organization, although inflation has decreased after the pandemic, “divergences in growth and inflation persist between countries, along with depleted reserves and discouraging medium-term growth prospects. Vulnerable countries face the risk of falling even further behind.”

It indicates as a priority at the global level “to replenish reserves, reactivate medium-term growth and adapt the policies and tools of the International Monetary Fund (IMF) to a constantly changing world.”

Differences in inflation demand specific policies for each country, which take into account “factors such as the structure of labor markets, price rigidity, and dependence on energy and food imports.”

Slow growth in the medium term makes it more difficult to reduce poverty and create jobs in developing economies.

IMF proposes facilitating investment in key sectors

On the other hand, “fiscal deficits and high public debts could exceed 100 % of gross domestic product (GDP) in 2029 if decisive measures are not taken,” says the multilateral organization.

Among the measures it proposes to successfully achieve the goals is rebuilding fiscal space to strengthen economic resilience; “facilitating investments in climate and technological transitions; increasing revenues through more progressive taxes or higher carbon tax rates, and spending cuts in less priority areas” to pay off debt and free up space for strategic investments.”

Reforms to boost medium-term growth can be aimed at “simplifying red tape, improving education and training of the workforce, and promoting competition in markets. In addition, investment in infrastructure, especially in renewable energy and sustainable transport, can create jobs and stimulate long-term economic growth.”

The IMF does not leave out the fundamental aspect of international cooperation as a way to face global challenges such as “climate change, inequality and geo-economic fragmentation”.

M.Pino

Source: americaeconomia

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During the federal elections in Mexico, this Sunday, June 2, the leftist Claudia Sheinbaum was the winner, becoming the nation’s first president.

Gracias, gracias, gracias; no les voy a fallar. Vamos a avanzar con el Segundo Piso de la Cuarta Transformación. pic.twitter.com/vwXlA7w54X

— Dra. Claudia Sheinbaum (@Claudiashein) June 3, 2024

According to data from the National Electoral Institute (INE), Claudia Sheinbaum obtained between 58.3 % and 60.7 % of the votes in the elections; while Xóchitl Gálvez obtained between 26.6 % and 28.6 % of the votes. For his part, the centrist Jorge Álvarez Máynez obtained at least 9.9 % of the votes according to the president of the INE, Guadalupe Taddei.

The current president of Mexico, Andrés Manuel López Obrador, celebrated the civility and commitment of the people who this Sunday freely and democratically elected who will be in charge of leading the country in the next period.

Hoy es un día de gloria porque el pueblo de México decidió libre y democráticamente que Claudia Sheinbaum se convierta en la primera mujer presidenta en 200 años de vida independiente de nuestra República. Felicidades a todas y todos los que tenemos la dicha de vivir en estos… pic.twitter.com/1tg3P7unjf

— Andrés Manuel (@lopezobrador_) June 3, 2024

M.Pino

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Spain should have 2.1 million fewer people in a situation of poverty and social exclusion to achieve the Sustainable Development Goals (SDG), according to the Report “The State of Poverty in the Autonomous Communities”, prepared by the European Network Fight against Poverty and Social Exclusion in the Spanish State (EAPN-ES).

“To comply, we should have 10.2 million people in AROPE, however we have 12.3 million, we are exceeded by 2.1 million“, said the head of EAPN-ES Research, Juan Carlos Llano, this Monday, during the presentation of the study, at the headquarters of the ONCE Foundation in Madrid.

Despite this data, the report highlights that poverty and social exclusion fell in all the autonomous communities in 2022 compared to the previous year. In total, there were 12.3 million people in this situation, 26 % of the population, 800,000 fewer people than the previous year.

However, the improvement continues to be “insufficient”, according to EAPN-ES, since the country is “still far” from meeting the objectives established in the Agenda which, in its goal 1.2, establishes that by 2030 it should have been reduced” at least half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions”. In the case of Spain, this means that in 2030 there should be a maximum of 6.6 million people at risk of poverty or exclusion.

In addition, the report finds that there is an “enormous” inequality gap between the northern and southern regions of Spain. The data reflects a division into “two halves” and, although it notes “a process of reduction” in territorial inequality since 2016, it points out that “it is still very insufficient” since the regional AROPE and Severe Material and Social Deprivation (PMSS) rates The highest ones multiply by 2.5 and by 3, respectively, the lowest ones.

Specifically, the report highlights that, in 2022, in the southern regions, that is, Extremadura, Castilla-La Mancha, the Valencian Community, Murcia, Andalusia, the Canary Islands, Ceuta and Melilla, the AROPE rate reached 33.1 % of the resident population (close to 5.5 million people), a figure that is reduced to almost 20.5 % (6.8 million people) for those who live in the northern half of the country.

Regarding severe poverty, that is, people living in households with an income of less than 6,725 euros per consumption unit per year (560 euros per month), in 2022 there were a total of 4.2 million people in this category in Spain. situation, that is, 8.9 % of the population.

Source: dpa

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The economist Luis Oliveros has indicated this Monday, after no adjustment was made to the workers’ wages, that in Venezuela a new system is required to set the amount earned by the working mass in the country.

According to Oliveros, it is necessary to increase what is needed; what a person needs to cover their basic requirements. The specialist indicated that a reference salary could be located at US$ 500. However, if the Venezuelan government is not able to reach that amount, “it can take it to US$ 50, US$ 80 or US$ 100.”

The academic also stresses that by taking the US$65 per month that workers in Venezuela earn on average to the World Bank metrics, this translates into just US$2 per day. “That is poverty,” Olivares said.

In the economist’s opinion, Venezuela has resources that could well be used to make a better salary adjustment, but there is a management problem. Hence, the need to find a new wage setting system that benefits the population.

M.Pino

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The Economic Commission for Latin America and the Caribbean (ECLAC) warned that the Latin American region is facing a “serious social crisis” and that poverty levels by 2022 will be 32.1 % of the population. total, a figure higher than that recorded before the pandemic, in 2019.

At the presentation of the annual report “Social Panorama 2022”, ECLAC’s executive secretary, José Manuel Salazar-Xirinachs, said that the economic situation is “extraordinarily harsh” due to the succession of several crises, which is causing a negative impact at the that “urgently” address. “You have to avoid the very real risk of having a lost generation in Latin America.”

Regarding the figures, Salazar highlighted that 201 million people are estimated to be at risk of poverty in 2022, which represents more than a third of the population of Latin America. “It is extremely worrying,” adding that people at risk of extreme poverty rise to 13.1 %, which is equivalent to a total of 82 million people. According to ECLAC, this data has not been seen in 25 years and represents “a setback” for the region.

These figures imply that an additional 15 million people will be in poverty compared to the pre-pandemic situation and that the number of people in extreme poverty will be 12 million higher than that recorded in 2019.

In addition, as in previous years, ECLAC explained that the incidence of poverty is higher in some population groups in the region: more than 45 % of the child and adolescent population lives in poverty and the poverty rate of women aged 20 to 59 is higher than that of men in all countries. Similarly, poverty is considerably higher in the indigenous or Afro-descendant population.

Among the reasons for this increase in poverty, ECLAC highlighted the slowdown in economic growth, the dynamics of the labor market and inflation. If we don’t act now, the agency has warned that there is the possibility of a long-term “social scar effect” that is very worrying.

K. Tovar

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In a meeting held in Mexico this Monday, the representatives of the United States and Mexico addressed key issues for both countries and that are included in the economic and commercial strategies scheduled for 2021.

Representatives of Joe Biden and Manuel López Obrador talked about progress in reducing poverty, promoting economic development in both countries, issues in the energy sector, semiconductors, electromobility, medical equipment, investment, border security, among others.

In the meeting known as DEAN (High-Level Economic Dialogue), in addition to the ambassadors Esteban Moctezuma (Mexico) and Ken Salazar (United States), the head of the Economy of Mexico, Tatiana Clouthier, and the secretary of American Commerce, Gina Raimondo. The Secretary of Foreign Affairs, Marcelo Ebrard, and his US counterpart, Antony Blinken, also were present.

It is important to remember that in September 2021 the United States and Mexico launched what is known as the DEAN, which is a high-level dialogue commission, to deal with issues of fundamental importance between both nations.

The first meeting was held on September 9 of that year. The second was held this September 12 with the purpose of “strengthening their economic and commercial relationship and promoting investment, employment”, cooperation and development.

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Latin America has added five million more people to the situation of extreme poverty throughout 2021, going from 81 to 86 million people, affected by the coronavirus pandemic and the social crises of the continent, according to the Economic Commission for America Latin America and the Caribbean (ECLAC).

The Latin American region is the “most vulnerable in the world in this pandemic” and in this period the rate of extreme poverty has increased from 13.1 to 13.8 %, which constitutes a “regression of 27 years” in this matter.

However, ECLAC stressed that in this same period the general poverty rate has been slightly reduced, which in this case has gone from 33 to 32.1 %, which in total figures translates into a decrease from 204 to 201 million people affected.

“Despite the economic recovery experienced in 2021, the estimated relative and absolute levels of poverty and extreme poverty have remained above those registered in 2019, reflecting the continuation of the social crisis,” the agency highlighted in its annual report Social Panorama of Latin America 2021.

Source: dpa

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The 193 member states of UNESCO approved a first ethical framework on artificial intelligence, in which they establish that people have the right to access, modify and even delete their personal information. Furthermore, it clearly prohibits the use of “artificial intelligence systems for social rating and mass surveillance.”

The text establishes the values ​​and principles common to all states that will allow the design of the legal foundations for the development of artificial intelligence.

This technology is facilitating the daily life of all people on a global level, generating very important results in specialized areas such as the detection of different types of cancer, the construction of inclusive spaces for people with disabilities, as well as allowing to combat the different problems of climate change, hunger in the world and poverty reduction.

But there may be some negative aspects. This technology has also brought some problems such as the increase in prejudices related to gender, ethnicity, coercion against privacy and dangers of mass surveillance, which had not had any regulation or universal standard that allowed to respond to these problems.

Principles of the ethical framework

The objective of the ethical framework is to visualize the advantages of artificial intelligence for society, reducing the risks that it entails, in addition to guaranteeing that “digital transformations promote human rights and contribute to the achievement of sustainable development goals”, addressing issues related to transparency, accountability, privacy.

Likewise, the agreement establishes actions on the “governance of data, education, culture, work, health care and the economy“, making recommendations on data protection, the prohibition of social bookmarks and mass surveillance.

On the other hand, the recommendation lays the foundations for the evaluation methodology that the Member States may use to measure their readiness in the development of the legal and technical infrastructure on the development of artificial intelligence.

Gabriela Ramos, deputy director general of Social and Human Sciences at UNESCO, believes that “decisions that affect millions of people must be fair, transparent and contestable. These new technologies should help us face the main challenges of our current world, such as the increase in inequalities and the environmental crisis, and not go into them in depth.”

M. Rodríguez

Source: news.un.org

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