The Latin American Development Problem

Download or read book The Latin American Development Problem written by Diego Restuccia and published by UN. This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gross domestic product (GDP) per capita in Latin America is low -- about one fifth of that of the United States. In addition, in the last five decades, Latin America has been unsuccessful to catch-up in wealth to the United States level while other countries at similar or lower stages of development have been successful. The failure to achieve higher levels of relative income embodies so called the development problem of Latin America. According to the publication, the bulk of the difference in GDP per capita between Latin America and the United States is explained by low GDP per worker and, especially, low total factor productivity (TFP) in Latin America.