Based on the base effect and policy support，the economy of Latin America and the Caribbean achieved “compensatory” growth in 2021. However，this economic growth is a fragile recovery. Because inflation continues to rise and unemployment remains serious. The fiscal deficit has eased，but the current account is back in deficit. The levels of public debt and external debt have remained high. Macroeconomic policy space is shrinking，and the complexity and difficulty of policy trade-offs are increasing. Looking forward to 2022，the uncertainty is high. The epidemic，the Ukraine Crisis，the liquidity of international financial markets and the trend of commodity prices constitute external factors affecting the economy of the region，while the general elections in Brazil，Colombia and other countries and the progress of structural reforms aimed at improving productivity will affect the medium and long-term growth prospects. Based on this，the economy of region is facing a severe test.