After a bad decade and a miserable pandemic, the region’s economies have a chance to make progress
But the Americas now have a chance to make progress. The capriciousness of Chinese regulators, the tangled state of global trade and the trend towards reshoring and nearshoring are prompting firms in the United States to reassess where they should build factories and invest their cash. With the right policies, Latin American countries could besupplying the United States and each other. This is the best chance in decades to pursue a policy of regional economic integration.
Nobody should underestimate how hard it will be to overcome Latin America’s scepticism of markets. Big economies such as Brazil and Argentina have long been protectionist, coddling domestic firms behind high trade barriers. The results of past trade deals have sometimes been disappointing. However, you can find signs of openness. Uruguay is seeking new trade deals with China and, as part of a regional grouping, South Korea. In Ecuador, the president and a former banker, is valiantly battling populism. Countries that have been open to trade, like Chile and Costa Rica, have outgrown their inward-looking Latin American peers.
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