This publication covers the Latin America and the Caribbean region within the context of the decade of the emerging economies. It is divided into three parts that consider: crisis and convergence in the international arena; relations between Latin America and the Caribbean and its main partners outside the region, and challenges for Latin America and the Caribbean in achieving better integration with the world economy. Among other things, it is highlighted that lower growth in the industrialized countries is starting to act as a drag on the main emerging economies. The slowdown in the industrialized countries is affecting China and, particularly, Brazil and India. If these trends continue, the report argues exports to Europe and the United States will slow in 2012.