sustainable development 20 years on from the ... - José Eli da Veiga
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sustainable development 20 years on from the ... - José Eli da Veiga sustainable development 20 years on from the ... - José Eli da Veiga

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ong>20ong>3 The region’s lower-middle income countries, which have received large amounts of ODA in relative terms, include some that are also classified as heavily indebted poor countries (HIPC), such as the Plurinational state of Bolivia, Guyana, Honduras, Nicaragua, and, more recently, Haiti. This means that, in some cases, a significant share of the ODA received has been in the form of actions on their external debt (forgiveness and other measures), rather than “new money” targeting other sectors. The allocation of ODA has changed in line with the Millennium Development Goals (MDGs). In terms of total assistance, there has been a slight upward trend in amounts targeting the social service sectors and social infrastructure; and the preference for grants rather than loans in total official ong>developmentong> assistance has persisted. General assistance for environmental protection in the region remained virtually unchanged throughout the last decade, accounting for about 4% of the total (United Nations, ong>20ong>10b). Using the so-called “Rio markers”, which are indicators used to identify official ong>developmentong> assistance activities for meeting the goals of the three Rio conventions (the United Nations Convention on Biological Diversity, the United Nations Framework Convention on Climate Change and the United Nations Convention to Combat Desertification), shows that there is a rising trend in bilateral disbursements of assistance, from about 2% in the middle of the decade to levels around 10%, with positive implications from the standpoint of those environmental conventions. Against this backdrop, the region is facing the challenge of preventing assistance that targets internationally-agreed ong>developmentong> goals, including the MDGs, which is still highly necessary, from being replaced by assistance aimed at generating global goods and services, in which the region has major potential as a supplier (for example, activities to mitigate climate change). The latter should be subject to the additionality commitments of traditional ODA, since it directly benefits the developed countries, in which, for example, certain mitigation measures could be prioritized as a target for assistance. 2. Private international financial flows Private financial flows have been a fundamental component of total external financing received by Latin American countries; and, although their volume has fluctuated, on average they have tended to easily outweigh other capital flows. For example, in the period 1990-ong>20ong>09, net private financial flows entering the region —including both portfolio investment and foreign direct investment (FDI)— averaged US$ 48.2 billion per year, far outweighing the ODA received by the region in the same period, which averaged US$ 6.3 billion per year. 4 Foreign direct investment is an increasingly important component of financial flows for the region, as Latin American and Caribbean have increased their share as recipients of global FDI (from 5% to 10% over the last four ong>yearsong>) (see figure table V.2). The FDI received by the region increased fivefold in the period 1992-ong>20ong>10, growing from US$ 12.8 billion to US$ 113 billion (see figure V.3), outpacing both the global average and the average of developing countries, but with different subregional trends (United Nations, ong>20ong>10b). Flows into South America grew on average by 12% per year between 1992 and ong>20ong>10, double the rate in Mexico, Central America and Caribbean. The leading FDI recipients over the last five ong>yearsong> have been Brazil, Mexico and Chile; but, in terms of the relative weight of the recipient economy, foreign investment is more important in the Caribbean countries. 4 Data on private capital flows are based on the World Economic Outlook (WEO) database of the International Monetary Fund. ODA figures were obtained from the OECD statistics system.

ong>20ong>4 Regions Table V.2 FLOW, VARIATION AND SHARE OF GLOBAL NET FOREIGN DIRECT INVESTMENT, BY REGION, ong>20ong>07-ong>20ong>10 Investment flows Rate of variation (percentages) Share (percentages) ong>20ong>07 ong>20ong>08 ong>20ong>09 ong>20ong>10 a ong>20ong>08 ong>20ong>09 ong>20ong>10 a ong>20ong>07 ong>20ong>08 ong>20ong>09 ong>20ong>10 a World 2 100 1 771 1 114 1 122 -16 -37 1 100 100 100 100 Developed economies 1 444 1 018 566 527 -29 -44 -7 69 57 51 47 South-Eastern Europe and the Commonwealth of Independent States b 91 123 70 71 35 -43 2 4 7 6 6 Developing economies 565 630 478 525 12 -24 10 27 36 43 47 Latin America and the Caribbean c 114 134 80 113 18 -40 40 5 8 7 10 Africa c 63 72 59 50 14 -19 -15 3 4 5 4 Asia and Oceania c 338 375 303 334 11 -19 10 16 21 27 30 Source: Economic Commission for Latin America and the Caribbean (ECLAC), Foreign Direct Investment in Latin America and the Caribbean, ong>20ong>10 (LC/G.2447-P), Santiago, Chile, May ong>20ong>11. United Nations publication, Sales No. E.11.II.G.4. a Estimates. b Includes the Russian Federation. c The sum of the FDI volumes shown for Latin America and the Caribbean, Africa, and Asia and Oceania does not agree with the total FDI figure shown for developing countries, because the FDI figures used for Latin America and the Caribbean correspond to ECLAC data obtained from official sources and not to the estimates of the United Nations Conference on Trade and Development (UNCTAD). Figure V.3 LATIN AMERICA AND THE CARIBBEAN: FOREIGN DIRECT INVESTMENT INFLOWS BY SUBREGION, 1990-ong>20ong>10 (Billions of dollars) 140 1ong>20ong> 100 80 60 40 ong>20ong> 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ong>20ong>00 ong>20ong>01 ong>20ong>02 ong>20ong>03 ong>20ong>04 ong>20ong>05 ong>20ong>06 ong>20ong>07 ong>20ong>08 ong>20ong>09 ong>20ong>10 South America Mexico, Central American Isthmus and the Caribbean Total Source: Economic Commission for Latin America and the Caribbean (ECLAC), Foreign Direct Investment in Latin America and the Caribbean ong>20ong>10, (LC/G.2447-P), Santiago, Chile, May ong>20ong>11. United Nations publication, Sales No. E.11.II.G.4.

<str<strong>on</strong>g>20</str<strong>on</strong>g>4<br />

Regi<strong>on</strong>s<br />

Table V.2<br />

FLOW, VARIATION AND SHARE OF GLOBAL NET FOREIGN DIRECT INVESTMENT,<br />

BY REGION, <str<strong>on</strong>g>20</str<strong>on</strong>g>07-<str<strong>on</strong>g>20</str<strong>on</strong>g>10<br />

Investment flows<br />

Rate of variati<strong>on</strong><br />

(percentages)<br />

Share<br />

(percentages)<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>07 <str<strong>on</strong>g>20</str<strong>on</strong>g>08 <str<strong>on</strong>g>20</str<strong>on</strong>g>09 <str<strong>on</strong>g>20</str<strong>on</strong>g>10 a <str<strong>on</strong>g>20</str<strong>on</strong>g>08 <str<strong>on</strong>g>20</str<strong>on</strong>g>09 <str<strong>on</strong>g>20</str<strong>on</strong>g>10 a <str<strong>on</strong>g>20</str<strong>on</strong>g>07 <str<strong>on</strong>g>20</str<strong>on</strong>g>08 <str<strong>on</strong>g>20</str<strong>on</strong>g>09 <str<strong>on</strong>g>20</str<strong>on</strong>g>10 a<br />

World 2 100 1 771 1 114 1 122 -16 -37 1 100 100 100 100<br />

Developed ec<strong>on</strong>omies 1 444 1 018 566 527 -29 -44 -7 69 57 51 47<br />

South-Eastern Europe and<br />

<strong>the</strong> Comm<strong>on</strong>wealth of<br />

Independent States b 91 123 70 71 35 -43 2 4 7 6 6<br />

Developing ec<strong>on</strong>omies 565 630 478 525 12 -24 10 27 36 43 47<br />

Latin America and <strong>the</strong> Caribbean c 114 134 80 113 18 -40 40 5 8 7 10<br />

Africa c 63 72 59 50 14 -19 -15 3 4 5 4<br />

Asia and Oceania c 338 375 303 334 11 -19 10 16 21 27 30<br />

Source: Ec<strong>on</strong>omic Commissi<strong>on</strong> for Latin America and <strong>the</strong> Caribbean (ECLAC), Foreign Direct Investment in Latin America and <strong>the</strong><br />

Caribbean, <str<strong>on</strong>g>20</str<strong>on</strong>g>10 (LC/G.2447-P), Santiago, Chile, May <str<strong>on</strong>g>20</str<strong>on</strong>g>11. United Nati<strong>on</strong>s publicati<strong>on</strong>, Sales No. E.11.II.G.4.<br />

a<br />

Estimates.<br />

b<br />

Includes <strong>the</strong> Russian Federati<strong>on</strong>.<br />

c<br />

The sum of <strong>the</strong> FDI volumes shown for Latin America and <strong>the</strong> Caribbean, Africa, and Asia and Oceania does not agree with<br />

<strong>the</strong> total FDI figure shown for developing countries, because <strong>the</strong> FDI figures used for Latin America and <strong>the</strong> Caribbean<br />

corresp<strong>on</strong>d to ECLAC <strong>da</strong>ta obtained <strong>from</strong> official sources and not to <strong>the</strong> estimates of <strong>the</strong> United Nati<strong>on</strong>s C<strong>on</strong>ference <strong>on</strong><br />

Trade and Development (UNCTAD).<br />

Figure V.3<br />

LATIN AMERICA AND THE CARIBBEAN: FOREIGN DIRECT INVESTMENT INFLOWS<br />

BY SUBREGION, 1990-<str<strong>on</strong>g>20</str<strong>on</strong>g>10<br />

(Billi<strong>on</strong>s of dollars)<br />

140<br />

1<str<strong>on</strong>g>20</str<strong>on</strong>g><br />

100<br />

80<br />

60<br />

40<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g><br />

0<br />

1990<br />

1991<br />

1992<br />

1993<br />

1994<br />

1995<br />

1996<br />

1997<br />

1998<br />

1999<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>00<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>01<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>02<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>03<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>04<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>05<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>06<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>07<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>08<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>09<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>10<br />

South America Mexico, Central American Isthmus and <strong>the</strong> Caribbean Total<br />

Source: Ec<strong>on</strong>omic Commissi<strong>on</strong> for Latin America and <strong>the</strong> Caribbean (ECLAC), Foreign Direct Investment in Latin America and <strong>the</strong><br />

Caribbean <str<strong>on</strong>g>20</str<strong>on</strong>g>10, (LC/G.2447-P), Santiago, Chile, May <str<strong>on</strong>g>20</str<strong>on</strong>g>11. United Nati<strong>on</strong>s publicati<strong>on</strong>, Sales No. E.11.II.G.4.

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