The Latin America and Caribbean region is mired in three development traps: a long-term inability to grow, high inequality, and low institutional and governance capacity. This article offers an analysis of development challenges that centres on a 10-point catalogue of gaps constituting priority areas of action for public policy and collective transformation efforts. To this is added an eleventh area concerned with how to move from the present situation to the desired scenarios, something that requires a focus on challenges related to governance, institutional capacities and opportunities for social dialogue, not only to envision the future but also as tools for the management of change and transformation. All this adds up to an agenda of 11 great transformations, presented as a vision of the priority issues the countries of the region should address to move towards a more productive, inclusive and sustainable future.