- For the president of the Development Bank of Latin America and the Caribbean, the region presents many problems that impede its progress
The Development Bank of Latin America and the Caribbean (CAF) noted on October 14 that almost 30 million young Latin Americans, who neither study nor work, are targets of criminal networks in the region.
“Although there are no war conflicts, more than 10 criminal markets converge today, such as arms and drug trafficking, human trafficking, money laundering, illegal mining and extortion,” warned the president of the CAF, Sergio Díaz-Granados. during the forum World in Progress in Spain.
Díaz-Granados also indicated that one of the reasons for the exodus of Latin Americans is the erosion of democratic institutions. According to Latinobarómetro, an entity that has been evaluating citizens’ satisfaction with democracy through surveys for 30 years, in 2023 it reached the lowest level, with 27%.
“We have 9% of the world’s population in Latin America and the Caribbean, with a third of global homicides and 43 of the 50 most dangerous cities in the world. Insecurity is one of the worst bills that Latin America and the Caribbean is receiving against development,” said the president of the CAF.
Failures in Latin America and the Caribbean
He also warned that the stagnation of the middle classes and the increase in poverty in the region requires “three levers” to reverse the situation and the informal economy, such as housing, better adequate labor reforms and education.
“There is a correlation between economic hopelessness and the crisis of confidence in institutions. A democracy is no longer lost by a military coup, but in rigged or fraudulent elections,” added the representative of the Development Bank of Latin America and the Caribbean.
Given the crisis in the region and the risk faced by its inhabitants, Díaz-Granados pointed out that better labor reforms are required, because in some cases solutions are generated that aggravate the problems.
“Latin America today is the most unequal region in the world and one of the poorest. When we talk about informality, we are talking about close to 130 million people today in Latin America, which is equivalent to 6 out of every 10 workers,” said the president of CAF.
He added that the digital divide in Latin America, in terms of digitalization, is due to the lack of investment in this sector, which currently represents only a third or quarter of what the rest of the emerging economies allocate for this area.
Adaptation to climate change
Díaz-Granados also highlighted in his participation in the world forum that Latin America must prepare for adaptation to climate change.
In that sense, he pointed out the devastating effects of drought, forest fires and floods and the associated economic losses that the region has suffered.
For the president of CAF, another great challenge in the region is to multiply the production capacity of renewable, non-conventional energy by 3.5 times and double the electrification of the transportation and agricultural sectors.
“The commitment to multilateral strengthening today is essential for Latin America and the Caribbean to accompany the private sector in this process,” highlighted Díaz-Granados.
With information from EFE
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