La crisis global y su impacto en el desarrollo de América Latina

Ricardo Ffrench Davis
Nueva Sociedad



The current crisis forms part of a process that began in recent years and that can be largely explained by peak and volatility of the financial flows. Its impact on Latin America is already being felt, and although the region stands in a better position than in the past, the forecasts indicate a 2% fall in GDP for 2009. The article analyses the origins and causes of the current crisis and its effects on Latin America, and then revises the international efforts to correct the most serious deficiencies in the financial markets, and redirect them towards financing for development, something which began in the Monterrey Summit in 2002 and had its latest episode in the G-20 accord on 2nd April 2009. Finally, the challenges that should be tackled to further advance towards sustainable development are analysed, particularly the regulation of financial flows.