By Luis Alberto Moreno, President of the Inter-American Development Bank

Over the past four years, Latin America has enjoyed stellar economic performance, with average GDP growth above four percent. Yet the majority of our citizens have not seen any real improvements in their quality of life. Today 70 percent of this region’s population — some 360 million people — lives on $300 or less per month. The vast majority are still waiting for the promised fruits of shared economic growth. As a result, we’ve heard repeated calls for change, and the very legitimacy of development efforts in this region has been called into question. So it was clear to those of us at the IDB that we needed to change the way we did business.

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