Latin American Economic Perspectives LASOS 2017 October 18, Hotel Intercontinental Buenos Aires, Argentina
|
|
- Loren Kelly
- 6 years ago
- Views:
Transcription
1 Latin American Economic Perspectives LASOS 7 October 8, Hotel Intercontinental Buenos Aires, Argentina Gustavo Cañonero Partner & Director, Grupo SBS
2 AGENDA I. Recent economic trends in LA II. The good, the bad, and the ugly III. Main challenges ahead IV. Existing and emerging opportunities
3 AGENDA I. Recent economic trends in LA II. The good, the bad, and the ugly III. Main challenges ahead IV. Existing and emerging opportunities 3
4 GDP Growth (% yoy) Growth Deceleration Post Commodity Boom The economic slowdown after the 8-9 crisis has been severe, with GDP growth falling behind EM pace once again. Terms of trade should be blamed for, but policies now have to accommodate to the new reality Compared GDP Growth (% yoy) - Emerging markets LA-6-6 Advanced Economies Terms of Trade Almost Explain Growth in LA ρ=, Change in Terms of Trade (% yoy) Source: SBS Research, IMF, Bloomberg L.P.
5 Fiscal Deterioration As Well Lower commodity prices have yet to trigger consistent government spending and more prudent fiscal positions. Lower level of public debt than in the past provides room for a gradual adjustment in most cases though General Government Balance (% GDP) General Government Debt (% GDP) Emerging markets LA Emerging markets LA-6 Advanced Economies Source: SBS Research, IMF, Bloomberg L.P.
6 Inflation Seems Now Under Control Despite recent fiscal deterioration, strong monetary institutions have solidified inflation control 6 Compared Inflation Rates (% yoy) 6 Inflation and Budget Decoupling in LA6 Emerging markets LA-6 Advanced Economies Budget Balance (% of GDP,rhs) Inflation (% yoy) - Source: SBS Research, IMF, Bloomberg L.P. 6
7 Widening Current Account Deficits The commodity price boom allowed for significant increases in exports, though current account deficits have been widening in recent years as imports remain high 3, Exports to GDP (%) 8 Growth Deceleration and Widening CAD 7, 6, 7,, - - 7, LA-6 World Current Account to GDP (%) GDP Growth (% yoy) Source: SBS Research, IMF, Bloomberg L.P. 7
8 Flirting With a Turn Around Confidence levels seem to have bounced from lows, which could lead to some recovery in consumption (lifting GDP growth). Weak investment remains the regional challenge Consumer Confidence and Retail Sales Consumer Confidence Retail Sales (% yoy, rhs) 7,,,, 7,,,, -, -, -7, -, -, Contribution to GDP Growth (%) Exports Investment Consumption Source: SBS Research, Bloomberg L.P., Reuters, Central Banks 8
9 Important Achievements Reached High growth greatly reduced extreme poverty and helped governments improve living standards, though there are some structural problems to face Dependency Ratio (Old/Labor Force) Unemployment and Poverty Reduction Poverty (% of Population living under $.9 a day) Unemployment (%, rhs) , 7,7 7, 6,7 6,, ,,6, 3,8 3, Human Development Indicators 7 OECD 6 OECD 3 3 Source: SBS Research, World Bank 3, Teacher- pupil ratio, primary Infant Mortality Rate (per live births, rhs) 9
10 A Lot of Room for Improvement The region made important advances in terms of competitiveness though there is still much to do, especially in terms of institutions, infrastructure and innovation LA-6 Relative Competitiveness (%) Against Top EM Against Top Business sophistication Market size Technological readiness Performance Relative to Top EM Innovation Financial market development Top EM Institutions Labor market efficiency Infrastructure Goods market efficiency Macroeconomic Environment Health and primary education Higher education and training LA-6 Source: SBS Research, World Economic Forum
11 AGENDA I. Recent economic trends in LA II. The good, the bad, and the ugly III. Main challenges ahead IV. Existing and emerging opportunities
12 Ptential GDP Growth () Sizable Output Gaps Most economies are growing well below their potential levels with huge output gaps in some cases, particularly Brazil and Argentina Effective vs Potential GDP Growth, Output Gap (% of Potential GDP) COL -, -, 3 BRA CHI MEX PER ARG -, -, -, -3, -3, 3 Real GDP Growth (7) -, -, BRA ARG CHI COL PER MEX Source: SBS Research, IMF
13 Uneven Investment Across Countries Investment is quite uneven throughout the region, with very low levels (again) in Brazil and Argentina. Similarly, import dependency is larger in Colombia, Mexico and Argentina 7 Investment to GDP (6, %) Net Exports to GDP (6, %) ARG BRA CHI PER MEX COL -7 COL MEX ARG PER BRA CHI Source: SBS Research, IMF, Bloomberg L.P. 3
14 Inflation Remains Argentina s Identifier Most countries have developed monetary institutions that allowed for the gradual and sustained reduction in inflation rates. Argentina lagged but is now also on its way (jury still undecided?) Countries With High Inflation Countries With Low Inflation Argentina Brazil Peru Mexico Colombia Chile Source: SBS Research, IMF
15 Primary Balance (% GDP, 6) Sizeable Fiscal Deficits Are The Norm Fiscal imbalances have been well below their debt-stabilizing levels, especially in Argentina and Brazil, demanding action soon. Debt levels are high in Mexico, Brazil and Colombia 3 Primary Deficits and Debt-Stabilizing Levels 6 General Government Net Debt to GDP (%) COL MEX PER CHI BRA ARG Debt-Stabilizing Primary Balance (% GDP) - CHI PER ARG COL BRA MEX Source: SBS Research, IMF
16 And There Are Few Structural Threats Some governments will soon have to introduce reforms to their pension and healthcare systems to ensure sustainability. Brazil and Argentina are leading again 3 Pension System Deficit (% GDP) Healthcare Spending (% GDP) Argentina Brazil Brazil Chile Colombia Source: SBS Research, IMF 6
17 Non-Interest CA (7, % GDP) External Accounts Look Better Than Before Current account imbalances have also widened but external debt dynamics remain ok, not creating the usual risk of the past 7 External Debt to GDP (%) Current Account Imbalances CHI ARG BRA MEX -3 - COL - BRA ARG PER MEX COL CHI Debt-Stabilizing Non-Interest CA (% GDP) Source: SBS Research, IMF 7
18 Argentina Competitiveness Argentina is the worst performer in LA-6, but has made serious progress on its macro environment and financial market development Performance in Global Competitiveness Rankings Rank Score LA 6 Global 9,,3 Basic Requirem ents 3,, Institutions 3 3,3 3, Infrastructure 8 3,9, Macroeconomic Environment 3,,6 Health and primary education 6,9,6 Efficiency Enhancers 8,, Higher education and training 38,, Goods market efficiency 33 3,, Labor market efficiency 3 3,3 3,9 Financial market development 3,, Technological readiness 66,3, Market size 3,9, Innovation and sophistication 7 3,6 3,7 Business sophistication 78 3,8, Innovation 7 3,3 3,3 Business sophistication Market size Technological readiness Performance Relative to LA-6 Innovation Financial market development LA-6 Institutions 6 3 Labor market efficiency Infrastructure Goods market efficiency Argentina Macroeconomic Environment Health and primary education Higher education and training Source: SBS Research, World Economic Forum 8
19 Brazil Competitiveness Brazil is also in need of improving its macro environment, but it is not clearly lagging LA-6 in other aspects Performance in Global Competitiveness Rankings Rank Score LA 6 Global 8,,3 Basic Requirem ents,, Institutions 9 3, 3, Infrastructure 73,, Macroeconomic Environment 3,,6 Health and primary education 96,,6 Efficiency Enhancers 6,3, Higher education and training 79,, Goods market efficiency 3,8, Labor market efficiency 3,7 3,9 Financial market development 9 3,7, Technological readiness,6, Market size,7, Innovation and sophistication 6 3,7 3,7 Business sophistication 6,, Innovation 8 3, 3,3 Business sophistication Market size Technological readiness Performance Relative to LA-6 Innovation Financial market development LA-6 Institutions 6 3 Labor market efficiency Infrastructure Goods market efficiency Brazil Macroeconomic Environment Health and primary education Higher education and training Source: SBS Research, World Economic Forum 9
20 Chile Competitiveness Chile is by far the best performer in the region, clearly out passing LA-6 standards in institutions, infrastructure and macro environment Performance in Global Competitiveness Rankings Rank Score LA 6 Global 33,7,3 Basic Requirem ents 36,, Institutions 3, 3, Infrastructure,8, Macroeconomic Environment 36,,6 Health and primary education 66,8,6 Efficiency Enhancers 3,8, Higher education and training 6,3, Goods market efficiency 39,7, Labor market efficiency 9, 3,9 Financial market development 7,9, Technological readiness 38,, Market size,, Innovation and sophistication 3,9 3,7 Business sophistication,3, Innovation 3, 3,3 Source: SBS Research, World Economic Forum Business sophistication Market size Technological readiness Performance Relative to LA-6 Innovation Financial market development LA-6 Institutions 6 3 Labor market efficiency Infrastructure Goods market efficiency Chile Macroeconomic Environment Health and primary education Higher education and training
21 Colombia Competitiveness Colombia s scorecard is now in line with the region, having some room to improve institutions and infrastructure Performance in Global Competitiveness Rankings Rank Score LA 6 Global 66,3,3 Basic Requirem ents 9,3, Institutions 7 3, 3, Infrastructure 87 3,8, Macroeconomic Environment 6,8,6 Health and primary education 88,,6 Efficiency Enhancers,, Higher education and training 66,, Goods market efficiency,, Labor market efficiency 88, 3,9 Financial market development 7,6, Technological readiness 6,3, Market size 37,8, Innovation and sophistication 6 3,7 3,7 Business sophistication 6,, Innovation 73 3,3 3,3 Source: SBS Research, World Economic Forum Business sophistication Market size Technological readiness Performance Relative to LA-6 Innovation Financial market development LA-6 Institutions 6 3 Labor market efficiency Infrastructure Goods market efficiency Colombia Macroeconomic Environment Health and primary education Higher education and training
22 Mexico Competitiveness Mexico is the other regional leader in terms of competitiveness exceeding LA-6 in most categories, but facing weaknesses in education Performance in Global Competitiveness Rankings Rank Score LA 6 Global,,3 Basic Requirem ents 68,6, Institutions 3 3, 3, Infrastructure 6,3, Macroeconomic Environment 3,,6 Health and primary education 76,7,6 Efficiency Enhancers 7,, Higher education and training 8,, Goods market efficiency 7,3, Labor market efficiency 3,8 3,9 Financial market development 36,, Technological readiness 7,, Market size,7, Innovation and sophistication 3,8 3,7 Business sophistication 9,3, Innovation 6 3, 3,3 Source: SBS Research, World Economic Forum Business sophistication Market size Technological readiness Performance Relative to LA-6 Innovation Financial market development LA-6 Institutions 6 3 Labor market efficiency Infrastructure Goods market efficiency Mexico Macroeconomic Environment Health and primary education Higher education and training
23 Peru Competitiveness Peru has made significant progress in recent years and is now in line with LA-6 standards, though it is still falling behind in terms of technology Performance in Global Competitiveness Rankings Rank Score LA 6 Global 7,,3 Basic Requirem ents 79,, Institutions 6 3, 3, Infrastructure 86 3,8, Macroeconomic Environment 37,,6 Health and primary education 93,,6 Efficiency Enhancers 6,, Higher education and training 8,, Goods market efficiency 7,3, Labor market efficiency 6,3 3,9 Financial market development 3,, Technological readiness 86 3,7, Market size 8,, Innovation and sophistication 3 3,3 3,7 Business sophistication 8 3,8, Innovation 3,8 3,3 Source: SBS Research, World Economic Forum Business sophistication Market size Technological readiness Performance Relative to LA-6 Innovation Financial market development LA-6 Institutions 6 3 Labor market efficiency Infrastructure Goods market efficiency Peru Macroeconomic Environment Health and primary education Higher education and training 3
24 Elections Will Be Key Drivers of Changes The next months will see important elections in Latin America. Argentina mid-term election could confirm the current path for improvement, while presidential elections in Chile, Paraguay, Colombia, Mexico, Brazil and eventually in Venezuela could set the basis for more positive changes Key Regional Elections Scheduled for 7-8 October 7 Argentina Mid-term Congressional November 7 Chile Presidential, Congress, States Abril 8 Paraguay Presidential and Congressional March-May 8 Colombia Presidential and Congressional July 8 Mexico Presidential and Congressional October 8 Brazil Presidential, Congress, States H 8 Venezuela Elections? Source: SBS Research, IMF
25 AGENDA I. Recent economic trends in LA II. The good, the bad, and the ugly III. Main challenges ahead IV. Existing and emerging opportunities
26 Main Challenges Ahead. Leaving behind populism. Last decade commodity boom financed market intervention and anti-capitalist practices. The new reality demand slimmer public sectors, lower taxes, high spending in infrastructure and human capital formation, and a very dynamic private sector. Restoring incentives to invest and guaranteeing macro stability will be key for some countries.. Fiscal consolidation. This is the first fundamental step towards macro stability. In particular in Brazil and Argentina; Colombia and Mexico to a lesser extent but fiscal consolidation needed anyway. 3. Structural challenges. To support productivity and competitiveness more is needed in: infrastructure spending reducing labor market informality and enhancing female participation investing in human capital improving governance and curbing corruption fostering regional trade and financial integration Source: SBS Research, IMF 6
27 AGENDA I. Recent economic trends in LA II. The good, the bad, and the ugly III. Main challenges ahead IV. Existing and emerging opportunities 7
28 Existing and Likely Emerging Opportunities. Stability and growth in Peru and Chile. Better accommodated to the reduction in commodity prices, Peru and Chile represent the more stable and better managed economies. A new moderated/pro-business government in Chile is likely to push economic growth to a faster pace.. Fiscal and policy fine-tuning in Colombia and Mexico. Fiscal consolidation should continue in Colombia and Mexico. Recent peace agreement, a new infrastructure agenda, and policy stability should help Colombia adjusting while preserving growth momentum. In Mexico the presidential elections should demonstrate whether policy setbacks are a serious risk. 3. A cultural change after reaching bottom in Argentina and Brazil. Extreme populism finally brought economic and political misery. Argentina is demostrating how normal policies have a pay off. Brazil is starting to consolidate from fear.. Venezuela remains a question mark. But still helped by resources Source: SBS Research, IMF 8
29 When Past Instability Might Be a Great Advantage!!! Low indebtedness will be Argentina s greatest ally in this reform process, allowing to smooth the costs of the transition % GDP 6 3 Credit to Private Sector (% yoy real) September YTD Consumption Commercial. -8. Secured Loans 3..8 Total..3 Foreign Domestic claims of BIS credit to reporting private sector banks Outstanding domestic private debt securities Outstanding international private debt securities Financial system deposits Insurance company assets Mutual fund assets Nonbank financial institutions assets Pension fund assets Stock market capitalization ARG LA Fuente: SBS Research, BIS 9
30 Main Regional Forecasts Growth slowly picking up, with stable inflation and, hopefully, some fiscal consolidation GDP Growth (% y/y) Inflation (% y/y, eop) 3 ARG BRA CHI COL MEX PER Potential Growth ARG BRA CHI COL MEX PER Gen. Govt. Primary Balance (% GDP) ARG BRA CHI COL MEX PER Fuente: 7Banco 8 Mundial 9 Debt Stabilizing Current Account Balance (% GDP) ARG BRA CHI COL MEX PER Source: SBS Research, IMF 3
31 Av. E. Madero 9 piso Torre Catalinas Plaza (CAFB) Ciudad Autónoma de Buenos Aires, Argentina (+ ) This report was created by GRUPO SBS, who considers the contents and information presented to be of reliable sources. The sole objective of this document is to present information, and as such does not imply an offer to buy or sale assets of any nature. All estimates and opinions expressed in this document are personal in nature and are subject to change without prior notice. All investments in mutual funds are subject to sovereign, commercial, FX, among other investment risks, which may lead to investment losses. Past performance does not guarantee under any circumstance future performance and/or returns. Investments in mutual fund shares do not constitute Banco de Valores S.A. deposits, as far as the Financial Entities Law is concerned, and do note possess any deposit guarantees that may be applicable to deposits in financial entities. In addition, Banco de Valores S.A. is impeded by Central Bank (BCRA) regulations to expressly or tacitly assume any responsibility regarding the preservation of invested capital, its performance, its redemption value or the availability of liquidity for said purpose.
LATIN AMERICA OUTLOOK 4Q2016 OUTLOOK LATIN AMERICA. 4th QUARTER 2016
LATIN AMERICA OUTLOOK 4Q OUTLOOK LATIN AMERICA 4th QUARTER LATIN AMERICA OUTLOOK 4Q Main messages The global economy is heading for a slow recovery. Global GDP growth will improve slightly from the second
More informationLatin America Outlook. 1st QUARTER 2018
Latin America Outlook 1st QUARTER Main messages 1. Strong global growth continues. Forecasts revised up in in most areas. Growth stabilizing in. 2. Growth recovers in Latin America, reaching close to potential
More informationSHORT AND MEDIUM-TERM PROSPECTS FOR LATIN AMERICA
SHORT AND MEDIUM-TERM PROSPECTS FOR LATIN AMERICA Ignacio Hernando Meeting of International Relations Managers Banco de España, 9 July 215 INTERNATIONAL AFFAIRS CONTENT 1. The Latin America economy at
More informationLatin America Outlook. 2nd QUARTER 2017
Latin America Outlook 2nd QUARTER Latin America Outlook 2Q17 Main messages 1. Global growth keeps increasing, and uncertainty about US policies starts to fade. Nevertheless, global risks remain. 2. The
More informationPanamanian Banks. Macro Outlook and Regional Framework. Alejandro Garcia, CFA Managing Director, Latin America Financial Institutions
Panamanian Banks Macro Outlook and Regional Framework Alejandro Garcia, CFA Managing Director, Latin America Financial Institutions August 9, 217 Contents 1 Panama: Slower but Still Robust Growth 2 Panamanian
More informationSituación España 1T16. 1 st QUARTER. Situación. Españ. Economic Outlook. Latin America
Situación España 1T16 Situación 1 st QUARTER Españ Economic Outlook Latin America Latam outlook / February The global economy will continue to grow. but more slowly and with more risks. Uncertainty about
More informationAmericas Latinas: revisited
Americas Latinas: revisited Global Insight World Economic Outlook Conference Manuel Balmaseda Chief Economist Boston, October 2007 Boston October 2007 1 A New LatAm Sounder Economics Sounder Domestic Policy
More informationPERSPECTIVAS ECONÓMICAS PARA EL AÑO 2019
PERSPECTIVAS ECONÓMICAS PARA EL AÑO 2019 Asamblea Annual FELABAN Noviembre 2018 Maria Paola Figueroa, Economista Senior, LATAM Research Multiple Shocks Monetary policy normalization in the G-3. Trade &
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationSovereign Credit Outlook. Richard Francis Director, Latin America Sovereigns Corficolombiana Conference December 5, 2018
Sovereign Credit Outlook Richard Francis Director, Latin America Sovereigns Corficolombiana Conference December 5, 218 Agenda Global Perspective Regional Overview Sovereign Ratings and Recent Actions Colombia
More informationLAC Treads a Narrow Path to Growth: The Slowdown and its Macroeconomic Challenges
LAC Treads a Narrow Path to Growth: The Slowdown and its Macroeconomic Challenges Washington, DC April 14, 2015 Chief Economist Office Latin America and the Caribbean Region I. What happened? The deceleration
More informationLatin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns
Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment
More informationW h a t n e x t f o r C o l o m b i a, C h i l e & P e r u? E d w a r d G l o s s o p L a t i n A m e r i c a E c o n o m i s t
W h a t n e x t f o r C o l o m b i a, C h i l e & P e r u? E d w a r d G l o s s o p L a t i n A m e r i c a E c o n o m i s t 1. Agenda What was behind the slowdown in Colombia, Chile & Peru? Will the
More informationMonetary and Exchange Rate Policy Responses to the Global Financial Crisis: The Case of Colombia
Monetary and Exchange Rate Policy Responses to the Global Financial Crisis: The Case of Colombia Hernando Vargas Banco de la República Colombia March, 2009 Contents I. The state of the Colombian economy
More informationEconomic Outlook. Macro Research Itaú Unibanco
Economic Outlook Macro Research Itaú Unibanco June, 2013 Agenda Economia Global Heterogeneous growth: U.S. growing faster, Europe in recession. Deceleration in the emerging economies. The Fed signals a
More informationPerseverance. success. Foundations of the Chilean Capital Markets Chile Day London, June 2017
Perseverance Persistence in doingsomething despite difficulty ordelayin achieving success Foundations of the Chilean Capital Markets Chile Day London, June 2017 Agenda I. Macro Context I. Chile within
More informationInternational Economic Outlook
International Monetary Fund September 9, 16 International Economic Outlook Alejandro Werner Director Western Hemisphere Department 1 Global and Regional Developments Relevant Issues Global and Regional
More informationGovernor Central Bank of Argentina
Banco Central de la República Argentina "International Crisis and Policy Space: Challenges for Emerging Countries" Mercedes Marcó del Pont Governor Central Bank of Argentina 2th Annual Hyman P. Minsky
More informationRodrigo Orair International Policy Centre for Inclusive Growth (IPC-IG) Institute for Applied Economic Research (IPEA), Brazil
SASPEN and FES International Conference Sustainability of Social Protection in the SADC: Economic Returns, Political Will and Fiscal Space 21 Oct 2015 How Brazil has cut its Inequality through Fiscal Policy:
More informationLabour. Overview Latin America and the Caribbean. Executive Summary. ILO Regional Office for Latin America and the Caribbean
2017 Labour Overview Latin America and the Caribbean Executive Summary ILO Regional Office for Latin America and the Caribbean Executive Summary ILO Regional Office for Latin America and the Caribbean
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Second Meeting October 9 10, 2015 Statement by José Darío Uribe, Governor, Banco de la República, Colombia On behalf of Colombia, Costa Rica, El Salvador,
More informationMexico: 2016 IMF ARTICLE IV CONSULTATION
Mexico: 2016 IMF ARTICLE IV CONSULTATION Wilson Center, January 9, 2017 Western Hemisphere Department International Monetary Fund BACKGROUND Growth in Economic Activity and Employment Have Remained Stable
More informationLatin America in Today s Global Economy
Latin America in Today s Global Economy June 17, 2008 Lima, Peru Gustavo Cañonero Managing Director Head of Emerging Markets Economic Research Deutsche Bank Gustavo.Canonero@db.com Agenda I. LA and the
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2017 Roadmap Global Economy The global outlook remains favorable Global growth positive momentum continues, with a synchronized
More informationMonetary Policy: A Key Driver for Long Term Macroeconomic Stability
Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Julio Velarde Governor Central Bank of Peru March 2016 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments
More informationAn Uneven Recovery. Outlook for Latin America and the Caribbean. A Presentation by Western Hemisphere Department
International Monetary Fund November 1, 2018 An Uneven Recovery Outlook for Latin America and the Caribbean A Presentation by Western Hemisphere Department I. Key Messages II. Global Crosscurrents III.
More informationThe Outlook for the World Economy
AIECE General Meeting Brussels, 14/15 November 218 The Outlook for the World Economy Downward risks are rising Klaus-Jürgen Gern Kiel Institute for the World Economy Forecasting Center Global growth has
More informationGlobal economic issues and the impact on Shipping
1st Annual Marine Money Cyprus Forum Global economic issues and the impact on Shipping Andreas Assiotis, PhD 26 April 2017 Table of contents 1 2 3 4 5 Economic Fundamentals and Global Drivers 3 Global
More informationRegional economic view of Latin America
Roberto Junguito, FASECOLDA Regional economic view of Latin America Insert your Company Logo here May 2013 Agenda 1. Insurance in Latin America 2. Insurance and Economics 3. Future Economic Challenges
More informationChallenges for Central Banking in the Global Economy: Inflation Targets and Financial Stability
Challenges for Central Banking in the Global Economy: Inflation Targets and Financial Stability José De Gregorio Banco Central de Chile LACEA Annual Meeting, Bogotá, October 2007 Contents I. Monetary policy
More informationKey Insights. China Macro Pulse
MACRO REPORT China Economy Update March 2015 Key Insights Monica Defend Head of Global Asset Allocation Research Qinwei Wang Economist Global Asset Allocation Research Economic Conditions: China s macro
More informationRetirement readiness: a challenge for pension systems in Latin America
Retirement readiness: a challenge for pension systems in Latin America David Tuesta Chief Economist, Pension Unit November 3rd, 2010 OECD-IOPS Global Forum Sydney-Australia, November 2nd - 3rd 2010 Contents
More informationY qué está pasando en Brasil?
Y qué está pasando en Brasil? Ilan Goldfajn Chief Economist and Partner, Itaú Unibanco August, 2013 Summary Why has the Brazilian economy decelerated? The low growth and full employment paradox (new middle
More informationCentral Banking during the Crisis: Performance and Challenges in La8n America José De Gregorio Universidad de Chile October 2013
Central Banking during the Crisis: Performance and Challenges in La8n America José De Gregorio Universidad de Chile October 213 * Presented at the conference Central Bank Independence Progress and Challenges,
More informationGlobal and Regional Economic Developments and Policy Priorities in the Pacific
Global and Regional Economic Developments and Policy Priorities in the Pacific Chikahisa Sumi Director IMF Regional Office for Asia and the Pacific (OAP) Tokyo, Japan GLOBAL ACTIVITY STRENGTHENING, PFTAC
More informationMalaysia Economic Monitor The Quest for Productivity Growth
Malaysia Economic Monitor The Quest for Productivity Growth 1 Contents RECENT ECONOMIC DEVELOPMENTS AND OUTLOOK External environment Domestic economic developments Outlook THE QUEST FOR PRODUCTIVITY GROWTH
More information2016 ARTICLE IV CONSULTATION WITH CHILE. Concluding Statement of the IMF Mission. October 25, 2016
2016 ARTICLE IV CONSULTATION WITH CHILE Concluding Statement of the IMF Mission October 25, 2016 Chile s fundamentals and policy framework remain strong. However, economic prospects are being shaped by
More informationWorld Economic Outlook. Recovery Strengthens, Remains Uneven April
World Economic Outlook Recovery Strengthens, Remains Uneven April 214 1 April 214 WEO: Key Messages Global growth strengthened in 213H2, will accelerate further in 214-1 Advanced economies are providing
More informationMDGs Example from Latin America
Financing strategies to achieve the MDGs Example from Latin America Workshop Tunis 21-24 24 January,, 2008 Rob Vos Director Development Policy and Analysis Division Department of Economic and Social Affairs
More informationLabour. Overview Latin America and the Caribbean EXECUT I V E S U M M A R Y
2016 Labour Overview Latin America and the Caribbean EXECUT I V E S U M M A R Y ILO Regional Office for Latin America and the Caribbean 3 ILO / Latin America and the Caribbean Foreword FOREWORD This 2016
More informationThe Challenges to Achieving Sustainable Growth in Latin America
The Challenges to Achieving Sustainable Growth in Latin America Guillermo Ortiz Chairman, Grupo Financiero Banorte; Former Governor, Bank of Mexico; Former Secretary of Finance and Public Credit, Mexico;
More informationThe Great Deceleration
The Great Deceleration Low growth in LAC in 2014 is driven by few of the region s larger countries 8% LAC: Real GDP Growth Forecasts 6% 4% 2% 0% -2% -4% Venezuela Argentina Barbados Brazil St. Lucia Jamaica
More informationBanco Central de la República Argentina
Macroeconomic effects of commodity prices evolution and its relation with monetary policy in emerging countries Banco Central de la República Argentina The implementation of monetary policy: Lessons from
More informationDeterminantes de los flujos de capitales. a las economías emergentes
Determinantes de los flujos de capitales a las economías emergentes XCV Reunión de Gobernadores de Bancos Centrales del CEMLA Jose Juan Ruiz Aide memoir CEMLA Seminar Based on Capital Flows in South America.
More informationPeru s Fundamentals and Economic Outlook
Peru s Fundamentals and Economic Outlook Julio Velarde Governor Central Bank of Peru October 2016 Content 1. Slow Global Recovery 5. Gradual withdrawal of monetary stimulus 2. Reversal in Peru s external
More informationTwo Decades after El Salvador s Peace Accords The Economic Outlook
Analyst: Heather Berkman berkman@eurasiagroup.net Two Decades after El Salvador s Peace Accords The Economic Outlook Prepared for Woodrow Wilson Center 30 January 2012 Table of Contents El Salvador: 1992
More informationFinancial Integration in Latin America: A New Strategy for a New Normal. Carlos Caceres
Financial Integration in Latin America: A New Strategy for a New Normal Carlos Caceres Outline Section I: Motivation - What are the main issues? Historical context Current juncture Section II: What to
More information3rd Research Conference Towards Recovery and Sustainable Growth in the Altered Global Environment
3rd Research Conference Towards Recovery and Sustainable Growth in the Altered Global Environment Erdem Başçı Governor 28-29 April 214, Skopje Overview: Inflation and Monetary Policy Retail loan growth
More informationEconomic Update. Port Finance Seminar. Paul Bingham. Global Insight, Inc. Copyright 2006 Global Insight, Inc.
Economic Update Copyright 26 Global Insight, Inc. Port Finance Seminar Paul Bingham Global Insight, Inc. Baltimore, MD May 16, 26 The World Economy: Is the Risk of a Boom-Bust Rising? As the U.S. Economy
More informationMonetary Policy Outlook for Mexico
Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar Washington, DC, 8 October 2016 Outline 1 2 3 4 5 Monetary Policy in Mexico Evolution of the Mexican Economy Inflation
More informationWorld Economic Outlook Is the Tide Rising?
World Economic Outlook Is the Tide Rising? January 214 1 Global activity has strengthened. Further improvements expected. WEO Update in a nutshell Advanced economy growth has picked up Robust private demand
More informationReflections on the Global Economic Outlook
Reflections on the Global Economic Outlook A presentation to the ACI-ICA World Congress October 2018 Mahmoud Mohieldin Senior Vice President World Bank Group @wbg2030 worldbank.org/sdgs Global Megatrends
More informationMexico: Dealing with international financial uncertainty. Manuel Sánchez
Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery
More informationFinancing strategies to achieve the MDGs in Latin America and the Caribbean
UNDP UN-DESA UN-ESCAP Financing strategies to achieve the MDGs in Latin America and the Caribbean Rob Vos (UN-DESA/DPAD) Presentation prepared for the inception and training workshop of the project Assessing
More informationJörg Decressin Deputy Director
World Economic Outlook October 13 Jörg Decressin Deputy Director Research Department, IMF 1 Outline Prospects for Advanced Economies Recent Developments and Implications for Emerging Economies Medium-term
More informationRevenue Statistics in Latin America and the Caribbean
Revenue Statistics in Latin America and the Caribbean 1990-2015 XXIX ECLAC Regional Seminar on Fiscal Policy Santiago, Chile March 23, 2017 Revenue Statistics in Latin America and the Caribbean 1990-2015
More informationErdem Başçi: Recent economic and financial developments in Turkey
Erdem Başçi: Recent economic and financial developments in Turkey Speech by Mr Erdem Başçi, Governor of the Central Bank of the Republic of Turkey, at the press conference for the presentation of the April
More informationBTMU Focus Latin America Colombia: macroeconomic performance Mexico: (1Q 2015)
BTMU Focus Latin America Colombia: macroeconomic performance Mexico: (1Q 1) MUFG UNION BANK Economic Research (New York) Hongrui Zhang Latin America Economist hozhang@us.mufg.jp +1(1)7-7 July 7, 1 Contents
More informationLatin America Outlook 3Q18
BBVA Research - Latin America Outlook 3Q18 / 1 Latin America Outlook 3Q18 July Key messages Global growth remains robust, but risks also increase. Robust growth in the US on the back of fiscal stimulus.
More informationLatin American Economic Outlook 4Q18
BBVA Research - Latin American Economic Outlook 4Q18 / 1 Latin American Economic Outlook 4Q18 October Summary (I) The global environment remains positive, although growth is moderating in emerging economies
More informationThe Five Critical Factors of the LMRI
FIXED INCOME July 6, 2018 Templeton Global Macro makes a compelling case that finding attractive opportunities in emerging markets lies in distinguishing the more resilient countries from the rest. Here,
More informationChapter 4. Fiscal Multipliers: How Will Consolidation Affect Latin America and the Caribbean? Regional Economic Outlook: Western Hemisphere May 2018
Regional Economic Outlook: Western Hemisphere May 2018 Chapter 4 Fiscal Multipliers: How Will Consolidation Affect Latin America and the Caribbean? Yan Carrière-Swallow, Antonio David, Daniel Leigh & Jorge
More informationOn Neutral Interest Rates in Latin America By Nicolas E. Magud and Evridiki Tsounta
On Neutral Interest Rates in Latin America By Nicolas E. Magud and Evridiki Tsounta Introduction An increasing number of Latin American countries have been strengthening their monetary policy frameworks
More informationBrazil: the adjustment continues, GDP is contracting and inflation is taking off
Brazil: the adjustment continues, GDP is contracting and inflation is taking off Enestor Dos Santos BBVA Research Principal Economist: Emerging Economies Unit Brazil Economic Outlook 2T25 Madrid, 3 June
More informationMonetary Policy under Fed Normalization and Other Challenges
Javier Guzmán Calafell, Deputy Governor, Banco de México* Santander Latin America Day London, June 28 th, 2018 */ The opinions and views expressed in this document are the sole responsibility of the author
More informationPENSION REFORM IN LATIN AMERICA
PENSION REFORM IN LATIN AMERICA Oscar Cetrángolo ECLAC, Buenos Aires Office Conference on Privatisation of Public Pension Systems - Forces, Experience, Prospects Vienna - June 19-21, 2003 Specific circumstances,
More informationMexican Q1 economic data: a reality shock, or there is still a brighter outlook?
Mexican Q1 economic data: a reality shock, or there is still a brighter outlook? Rafael Amiel, Director Latin America Economics IHS Global Insight Julio 2013 Mexico becomes fashionable again Mexico Makes
More informationUPDATE ON GLOBAL PROSPECTS AND POLICY CHALLENGES
G R O U P O F T W E N T Y UPDATE ON GLOBAL PROSPECTS AND POLICY CHALLENGES G-20 Leaders Summit September 5 6, 2013 St. Petersburg Prepared by Staff of the I N T E R N A T I O N A L M O N E T A R Y F U
More informationThe Future of Mexican Monetary Policy
The Future of Mexican Monetary Policy Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México* XP Securities Mexico Summit Mexico City, 2 March 2017 */ The views expressed herein are strictly personal.
More informationWorld real GDP growth in 2010 Annual percent change
World real GDP growth in 20 Annual percent change % or more 6-% 3-6% 0-3% Less than 0% No data Source: International Monetary Fund. World real GDP growth in 2011 Annual percent change % or more 6-% 3-6%
More informationThe Chilean economy: Institutional buildup and perspectives
The Chilean economy: Institutional buildup and perspectives Vittorio Corbo Governor 1 Outline 1. Introduction 2. Chile s economic reforms and institutional buildup 3. Performance of the Chilean economy
More informationIndonesia Watch. Plenty of risks, but real crisis not likely. Group Economics Emerging Markets Research. Group Economics: Enabling smart decisions
Indonesia Watch Group Economics Emerging Markets Research 2 August 218 Arjen van Dijkhuizen Senior Economist Tel: +31 2 628 852 arjen.van.dijkhuizen@nl.abnamro.com Plenty of risks, but real crisis not
More informationMoneda Latam Corporate Bond Fund
Management Report of Fund Performance Moneda Latam Corporate Bond Fund The following is a report on the performance of Moneda Latam Corporate Bond Fund (the Fund ) and contains financial highlights but
More informationINTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETARY FUND NEPAL. Joint Bank-Fund Debt Sustainability Analysis
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized INTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETARY FUND NEPAL Joint Bank-Fund Debt Sustainability Analysis
More informationEconomic Outlook January, 2012
Economic Outlook January, 2012 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs
More informationState-Owned Enterprises in Latin America and the Caribbean: Challenges and Opportunities
State-Owned Enterprises in Latin America and the Caribbean: Challenges and Opportunities Gustavo García Principal Technical Lead Fiscal Economist Fiscal and Municipal Management Division (FMM) Institutions
More informationChina s role in Latin America: Participation & Consequences
China s role in Latin America: Participation & Consequences November 2017 Le Xia Asia Chief Economist, BBVA Research Index 01 Evolution of bilateral trade and investment 02 LatAm s export dependency on
More informationCosa ci riserva il 2008?
Cosa ci riserva il 28? Scenari e previsioni per l anno in corso Keith Wade Capo Economista The US economy today A re-assessment of risk De-leveraging Financial sector Real economy Historical precedents
More informationWhat is Next for the Andean Region in 2017?
What is Next for the Andean Region in 2017? Disclaimer Wherever possible, AMI has verified the accuracy of information provided by third parties, but does not under any circumstances accept responsibility
More informationStrengths (+) and weaknesses ( )
Country Report Chile Country Report Alexandra Dumitru A new government took office in March 2014 and has been pushing through a bold reform agenda. In the meantime, the economy took a downturn, but economic
More informationLatin America. The Continent of Opportunities, once again. But this time it is a bit different! Torgny Krook Head of Non-OECD Countries
Latin America The Continent of Opportunities, once again. But this time it is a bit different! Torgny Krook Head of Non-OECD Countries But first: Let us revisit Sub Saharan Key take-aways from last year
More informationGLOBAL OUTLOOK ECONOMIC WATCH. July 2017
GLOBAL OUTLOOK ECONOMIC WATCH July 2017 Positive global outlook, with projections revised across areas The global outlook remains positive. Our BBVA-GAIN model estimates global GDP growth at 1% QoQ in,
More informationInvestment and its Financing: A Macro Perspective
G R O U P O F T W E N T Y Investment and its Financing: A Macro Perspective Annex to the G Surveillance Note Meetings of G Finance Ministers and Central Bank Governors February, 3 Prepared by Staff of
More informationProjections for the Portuguese Economy:
Projections for the Portuguese Economy: 2018-2020 March 2018 BANCO DE PORTUGAL E U R O S Y S T E M BANCO DE EUROSYSTEM PORTUGAL Projections for the portuguese economy: 2018-20 Continued expansion of economic
More informationThe Argentine Economy in the year 2006
The Argentine Economy in the year 2006 ECONOMIC REPORT Year 2006 1. The Current Recovery from a Historical Perspective The Argentine economy has completed another year of significant growth with an 8.5%
More informationInternational Dimensions of Monetary Policy Eighth BIS CCA Research Conference
International Monetary Fund May 217 International Dimensions of Monetary Policy Eighth BIS CCA Research Conference Alejandro Werner Director Western Hemisphere Department Spillovers to Domestic Interest
More informationLive Webcast And Q&A: Will Pressure Increase On Latin American Banks In 2016? December 9 th, 2015
Live Webcast And Q&A: Will Pressure Increase On Latin American Banks In 2016? December 9 th, 2015 Permission to reprint or distribute any content from this presentation requires the prior written approval
More informationResearch Iceland: Recovery in uncertain times
Investment Research General Market Conditions 12 April 2011 Research Iceland: Recovery in uncertain times The Icelandic economy is now recovering after the collapse of the Icelandic banking sector in October
More informationOverview of the Mexican Economy
Overview of the Mexican Economy Alejandrina Salcedo Banco de México U.S.-Mexico Manufacturing: Back in the Race Federal Reserve Bank of Dallas, El Paso Branch October 9 th, I External Conditions II Inflation
More informationCzech Koruna and the Economic Outlook
Czech Koruna and the Economic Outlook Vladimír Tomšík Vice-Governor Czech National Bank Austrian-Czech Economic Forum Czech National Bank Congress Centre Prague, 7 June 17 Outline 1. The CNB s exchange
More informationThe global context and its implications for Latin America. Dani Rodrik May 17, 2010
The global context and its implications for Latin America Dani Rodrik May 17, 2010 The setting Financial stability is being restored in the advanced countries eventually Recovery is taking place, but economic
More informationInstitutional Investor Presentation
Institutional Investor Presentation República Oriental del Uruguay Ministry of Economy and Finance October 218 1 Congress, National Assembly Strong Institutions and Social Cohesion 2 Uruguay remains a
More informationNational Monetary Policy Forum. Chris Loewald, Head: Policy Development and Research 10 April 2016 Pretoria
National Monetary Policy Forum Chris Loewald, Head: Policy Development and Research 1 April 1 Pretoria In the April 17 MPR Executive summary & overview of the policy stance Overview of the world economy
More informationFedesarrollo Leonardo Villar Cristina Fernández
Fedesarrollo Leonardo Villar Cristina Fernández December 13, 2012 Per capita income LAC has fallen behind East Asia Per capita income 1900 2008. (1990=100) Per capita income / US per capita income Source:
More informationExternal Factors, Macro Policies and Growth in LAC: Is Performance that Good?
External Factors, Macro Policies and Growth in LAC: Is Performance that Good? Alejandro Izquierdo IADB Emerging Powers in Global Governance Conference Paris, July 6, 2007 (based on work with Ernesto Talvi)
More informationM&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015
M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing
More informationTaxes in Latin America and the Caribbean Situation and prospects
Taxes in Latin America and the Caribbean Situation and prospects Alberto Barreix Principal Technical Leader on Fiscal Economist, IDB Angel Melguizo, Head for Latin America, OECD Development Centre Taxation
More informationOVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014
OVERVIEW The EU recovery is firming Europe's economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time
More informationMexico s Economic Policy under External Constraints. Manuel Sánchez, Member of the Board
Manuel Sánchez, Member of the Board Adam Smith Seminar, Schloss Spiez, Switzerland, June 27, 2012 Contents 1 Monetary Policy and Capital Inflows 2 Implications of European Uncertainty 3 Economic Developments
More information