The Economic Commission for Latin America and the Caribbean (ECLAC) has proposed a development model for the region to reduce economic, social and environmental imbalances.
The commission has published a document aimed at guiding regional development in the next 15 years, ECLAC Assistant Executive Secretary Antonio Prado told Xinhua at an ECLAC forum held in Mexico City.
In the eyes of ECLAC, the region has a "historic opportunity" to change its development model, said Prado.
The document outlines how the region should boost productivity by ensuring the intensive participation of sectors focusing on knowledge and innovation, guaranteeing sustained and inclusive economic growth, promoting the creation of quality jobs, and reaching out to sectors which benefit the environment.
This document was presented on Monday to ECLAC's members to propose strategies and policies for the next 15 years, with Prado calling it "realistic and rooted in the current context."
He also mentioned that the current development model in Latin America and the Caribbean is unsustainable for three main reasons: the slide of the international economy, the rise of inequality and environmental deterioration.
Prado also mentioned China's participation in the world economy. "In 2008 and 2009, China was capable of incentivizing the world economy with its investments. Only with such an effort by all global economies can we break this recessive trend and make a significant change to the world economy," he told Xinhua.
ECLAC Executive Secretary Alicia Barcena said unemployment is the main reason for inequality in the region.
According to Barcena, more jobs with access to full rights and with a focus on technology and productivity are needed to boost the bloc's economic fortunes.
"The current model is not sustainable as it does not generate growth. The key to equality is access to jobs with full rights and dignity. Our audacious document lays out a concrete proposal for a universal basic income, which is dignified and opens doors to young people," said Barcena.
The executive secretary added that governments in the region should incorporate ECLAC's proposed agenda into their national development plans, with a long-term view on reforming their economies with a renewed social and environmental focus.