Shaping the future transformatively: overcoming the COVID-19 crisis through inclusive and sustainable development

Project description

Title: Recover better: overcoming the effects of the COVID-19 pandemic in Latin America and the Caribbean (LAC)
Commissioned by: German Federal Ministry for Economic Cooperation and Development (BMZ)
Country: Regional project in Latin America and the Caribbean
Lead executing agency: UN Economic Commission for Latin America and the Caribbean, ECLAC (Comisión Económica para América Latina y el Caribe, CEPAL)
Overall term: 2021 to 2024

Context

As a consequence of the COVID-19 pandemic, Latin America and the Caribbean is experiencing one of the worst health, economic and social crises in its recent history. The poorer population is the most severely affected. Almost half of all workers in the region have no or only limited access to social security systems. Despite existing budget deficits, governments have made enormous fiscal efforts to cushion the social and economic consequences. However, there is still a lack of tools and experience to make this spending more efficient, inclusive and effective in the long term. The prevailing patterns of production, distribution and consumption, as well as their institutional and political underpinnings, often focus on short-term impacts.

Objective

The member states of the UN Economic Commission for Latin America and the Caribbean have strengthened their capacity in the area of fiscal, social and industrial policy, enabling a transformative economic reactivation that contributes to overcoming the COVID-19 pandemic sustainably and effectively.

Approach

The project strengthens ECLAC's advisory services in the areas of fiscal, social and industrial policy. The goal is to enable a transformative economic reactivation to overcome the COVID-19 crisis sustainably and effectively.

The project takes a three-pronged approach. Firstly, it focuses on developing the competencies of experts and managers through training and the exchange of experience on best practice. Secondly, it advises ECLAC on its work with selected ministries and authorities in its member countries. This promotes concrete changes and fosters transnational and cross-sectoral cooperation. Thirdly, the project establishes strategic collaboration among policy-makers, civil society, the private sector and the academic and research community, and harnesses the potential for synergies.

Last update: November 2021