Latin America has not escaped the global economic crisis, but it has stood up to
it with a new resilience. Every country in the region has suffered the effects of
the downturn and overall gross domestic product is expected to shrink 3.6% in
2009. However, it is already apparent that Latin America is rebounding from the
shock more rapidly than the majority of developed economies. Most importantly,
it is doing so without compromising its significant progress towards its long-term
development goals. The rate of recovery is expected to be substantial in 2010, even
if short of the typical growth rates of over 5% that characterised the bonanza of
2004-08. The duration of the global recession will be only one factor in determining
future growth rates and at least as important for each country will be its capacity
to stimulate its economy through sustainable policy efforts. In many countries,
moreover, changing patterns of international migration and remittances will also
affect the depth of the crisis and the menu of available policy options.Latin America has not escaped the global economic crisis, but it has stood up to
it with a new resilience. Every country in the region has suffered the effects of
the downturn and overall gross domestic product is expected to shrink 3.6% in
2009. However, it is already apparent that Latin America is rebounding from the
shock more rapidly than the majority of developed economies. Most importantly,
it is doing so without compromising its significant progress towards its long-term
development goals. The rate of recovery is expected to be substantial in 2010, even
if short of the typical growth rates of over 5% that characterised the bonanza of
2004-08. The duration of the global recession will be only one factor in determining
future growth rates and at least as important for each country will be its capacity
to stimulate its economy through sustainable policy efforts. In many countries,
moreover, changing patterns of international migration and remittances will also
affect the depth of the crisis and the menu of available policy options.

This Policy Brief is based on the Latin American Economic Outlook 2010, a publication produced annually by the OECD Development Centre. The Centre conducts comparative analysis and promotes informal policy dialogue on development issues of mutual interest for OECD member and non-member countries. Its objective is to help decision makers find policy solutions to stimulate growth and improve living conditions in developing and emerging economies.

Dans les pays en développement, les transferts de fonds effectués par les émigrés constituent une source externe de capitaux en augmentation régulière. Si l’investissement direct étranger et les mouvements de capitaux ont chuté de manière spectaculaire ces dernières années en raison de la récession qui a frappé les pays à haut revenu, les
transferts de fonds opérés par les migrants ont continué à augmenter pour
atteindre149.4 milliards USD en 2002. Au début des années 80, on admettait déjà
l’importance de ces transferts pour compenser la perte de capital humain des pays en
développement du fait des migrations. Mais on connaissait aussi leur potentiel de
stimulation de la croissance économique. Un débat s’est engagé sur une large palette de
questions liées à ces transferts mais celles-ci font désormais aussi l’objet d’études plus
poussées. Les thèmes retenus incluent les déterminants des transferts de fonds, les circuits
empruntés pour opérer ces transferts, et l’impact économique de ces opérations sur les
pays destinataires. Ces dernières années, la recherche sur ces questions s’est intensifiée,
en partie à cause de la très forte augmentation du volume des transferts. Ces travaux ont
conduit à un foisonnement de la littérature scientifique.