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Latin America's tepid economic growth limits its ability to address pressing social issues. What must be done to elevate its growth rate, resilience to future shocks and response to climate change? Three required measures are increased competition, improved capacity for firms to profit from this competition and fortified financial markets.
The impacts of rising competition on innovation remain unclear, and often depend on country context. This column analyses the impact of increased import competition from China on innovation by Chilean firms. It finds a negative overall impact of competition on innovation indicators. Low-productivity firms in particular see declines across all innovation measures, while the