Latin America is in danger of going back to the old normal

Latin America’s economy, taken as a whole, will be lucky to grow by more than 3% in 2022

worry for Latin Americans in 2022 will be going back to the “old normal” as the pandemic recedes. That involved economic stagnation, social discontent and the discrediting of democratic politics. Turbocharged by the pandemic, these ills produced popular rage in several countries in 2021. This was mitigated in part by emergency aid and fiscal and monetary stimulus. As a result, in 2021 the region recovered much of the economic output it lost in 2020.

Chile faces a complicated year. A presidential election due in late 2021 is wide open. The most likely outcome is a run-off between Gabriel Boric of the hard left and José Antonio Kast of the hard right. The new president and Congress will at first cohabit with a convention to write a new constitution, agreed on by the politicians after a social explosion in late 2019 called into question what had been a successful free-market economy.

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