Voters in Peru could elect Pedro Castillo, leader of a Marxist party, as president this weekend as the region deals with economic and Covid-19 crises
While Latin America is no stranger to economic and political turmoil, the circumstances this time are quite different. The collapsing currencies, runaway government debt and hyperinflation that regularly plunged the region into devastating crises are largely absent . For that, thank thea suite of policies including keeping budgets and inflation under control championed by the region’s finance ministers and central bankers, many trained at U.S. schools.
And yet in the past decade Latin America failed to achieve what mattered most: durable economic growth. Even before Covid-19, the region was stagnating. Per capita gross domestic product, adjusted for inflation and currency purchasing power, was the same in 2019 as in 2011. In that time China’s grew 66%, India’s 52%.knocked Latin American per capita incomes back another 8%, the International Monetary Fund estimates.
Latin America still lags behind in part because its rates of saving and investment remain far below Asia’s, and because of its dependence on commodities, which boomed on the back of Chinese demand, then went bust.
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