Countries in Latin America and the Caribbean (LAC) are very different from each other, but it is fair to say that the region is together undergoing deep political and economic change. The Covid pandemic has exposed underlying weaknesses in welfare states, health systems, and public sector capacities more broadly. The inflationary cost-of-living crisis has compounded the problem, further endangering the most vulnerable communities and members of society. All the while, a climate crisis looms on the horizon, increasing the scale and intensity of water, biodiversity-, and soil-related crises. However, it is the structural challenges within LAC that present the biggest roadblocks ahead: the region’s dependence on natural resources, its low productivity, its weak institutional and governance capacity, and its tight fiscal space, to name just four.