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Latin America and the Caribbean could raise GDP per capita by 11 per cent and reduce inequality by 6 per cent by making markets more competitive.
That is according to the Inter-American Development Bank’s (IDB) new report “Markets for Development: Improving Lives Through Competition,”.
It shows that limited competition and high market concentration across the region’s economies weaken growth, suppress wages, and keep firms small and informal.
Drawing on a new cross-country dataset of competition indicators, the study finds that stronger, fairer markets are critical to unlocking productivity and opportunity.
IDB Group President Ilan Goldfajn says the report demonstrates that markets are not merely a contextual element in development, but play an active role in driving it.
