Most Latin American and Caribbean (LAC) economies today are barely recognizable when compared to their former selves just a generation ago. Although not all countries have managed to rein in economic volatility, most have graduated to delivering an almost “normal” macroeconomic performance. The importance of this achievement cannot be overstated. Not only is macro stability critical to citizen wellbeing, but it is an essential foundation for faster growth and poverty alleviation. Progress can be detected in at least three areas.

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