With many countries experiencing the strongest growth in several years—about one third of them grew at around 7 percent or higher—unemployment and poverty rates have continued to fall. Inequality has also declined, according to the latest available data, the first such fall in several decades.
Other macroeconomic developments have also been favorable. Inflation continued on a downward path, falling to a regional average of 5 percent, although significant differences remain between countries. For the region as a whole and in many individual countries, primary fiscal balances and external current accounts were at record highs, with average surpluses of 2.8 and 1.7 of GDP, respectively.
Public debt ratios have fallen somewhat further, and debt structures have also improved. Many of these improvements were shared by countries experiencing critical political transitions, reflecting the new economic stability of the region. A supportive external environment helped, with low interest rates, high commodity prices, and strong world growth.
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International Monetary Fund
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