According to a new study by the
In its annual Preliminary Overview report released Wednesday, ECLAC made the following forecasts for the coming year:
According to the report,
ECLAC's new estimate is in sharp contrast with claims by several Latin American leaders in recent months that their countries were immune to effects of the 2008 crisis in
High international commodity prices, triggered by rising purchases by
My opinion: By itself, the slight decline in ECLAC's projections for next year's economic growth in the region shouldn't be cause for alarm. The region's economies, although they are beginning to lose steam, will keep growing at higher rates than the industrialized world.
What's much more worrying, frustrating, and ominous, is that with a few exceptions -- such as
We're living in a global knowledge economy, where small countries like
It's time for international economic research groups to change their measuring standards, and create a new measurement that could be called the Gross Education Product (GEP) that should be calculated annually alongside the existing Gross Domestic Product (GDP).
If they keep focusing just on the GDP, which measures countries' total economic activity, they will never make a long-term dent in poverty reduction, because the only way to lift people from poverty in the long run is by giving them a good quality education that will allow them to access well paying jobs.
So here's my year-end proposition for international economic think tanks: create a Gross Education Product, so that next year -- at this time -- you can give us both GDP and GEP figures. Both should go together.
The current measuring standard is too short-sighted, and leads countries to forget focusing on what matters most.
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