All Together Now: The Challenge of Regional Integration
It has been a good ride. After the dismal 1990s, the 2000s were something of a revelation. If anything, it appears that this decade, rather than marking the culmination of a virtuous process, poses a challenge. After working out the macrofinancial constraints that thwarted development policies in the past, can these countries address the pending tasks and issues that are critical to consolidate their gains and keep up the momentum? We have tackled some of these issues in past editions of the Brookings Latin American Economic Perspectives. In this edition, we concentrate on another economic dimension on which the region is falling behind: commercial integration. Our comparative analyses reveal that, in both the depth and quality of regional integration, the LAC economies are lagging from their emerging peers in Asia.