GROUP OF 77
GENEVA

STATEMENT OF THE G77 AND CHINA AT THE 77TH EXECUTIVE SESSION OF THE TRADE AND DEVELOPMENT BOARD
(Geneva, 3 February 2025)

Item 4: Economic Survey of Latin America and the Caribbean 2024: Low-growth Trap, Climate Change and Employment Trends

Mr. President, Excellencies, Distinguished Delegates,

1. I have the honor to deliver this statement on behalf of the Group of 77 and China.

2. Allow me first to extend our gratitude to Director Luz Maria de la Mora and Ambassador Sanchez Fung for their insightful contributions to the discussion on the Economic Survey of Latin America and the Caribbean 2024.

3. The report highlights the region's pressing economic challenges, including a decade-long low-growth trap, stagnant GDP, sluggish employment growth, and escalating climate change impacts. Alarmingly, economic growth remains below 1%, making this period even more severe than the so-called "lost decade."

4. In this context, there is an urgent need for policies that drive sustainable and inclusive economic growth by aligning productive development strategies with climate change mitigation and adaptation measures. Without meaningful reforms, the region will struggle to generate quality employment, address socio-economic disparities, and combat informality.

5. UNCTAD has a crucial role to play in supporting Latin American and Caribbean countries by facilitating access to affordable financing, technology, and capacity-building initiatives. Greater emphasis should be placed on boosting productivity and investment in key sectors to break the low-growth cycle. Additionally, given the challenges in mobilizing investment due to fiscal constraints and high public debt service costs, debt restructuring mechanisms and innovative financial instruments should be provided to support sustainable development.

6. The Latin American and Caribbean region is largely composed of middle-income countries that face unique challenges that require tailored responses. The situation depicted in the report calls for a reassessment on how development is measured. As highlighted in the Report of the Secretary-General to UNCTAD16, GDP alone fails to capture the multidimensional aspects of human well-being. We therefore urge UNCTAD to address this critical issue.