This report is a product of the Chief Economist Office for Latin America and the Caribbean at the World Bank.The preparation of the report was led by William Maloney (Chief Economist), Guillermo Beylis (ResearchEconomist), and Guillermo Vuletin (Senior Economist) with contributions from Daniel Riera-Crichton (SeniorEconomist), Virgilio Galdo (Research Analyst), Elena Ianchovichina (Deputy Chief Economist), Ayan Qu(Research Analyst), Luis Diego Rojas Alvarado (Consultant), Rucheta Singh (Research Analyst) and Pilar RuizOrrico (Consultant) in the Chief Economist Office (LCRCE).