The United Nations Development Project (UNDP) has found that inequality remains persistently high in Latin America and the Caribbean (LAC) region while productivity growth is low.
“Despite decades of progress, some of which could be wiped out by the COVID-19 pandemic, two characteristics of the region have remained largely undisturbed: high inequality and low growth. These two factors are closely related and interact with one another to create a trap from which the region has been unable to escape. This is not a new finding. This phenomenon is well documented in the region,” the UNDP’s 2021 Regional Human Development Report, which was launched virtually on Monday, says.