No region has suffered more as a result of the pandemic. The death rate in Latin America is the highest in the world and the economic toll has also been crushing
The region may now get another chance. Increased political uncertainty in China has many firms in the United States rethinking their dependence on Chinese factories, while global shipping bottlenecks demonstrate the virtues of more evenly distributed trade. Geographic proximity generally translates into economic integration; indeed, it is surprising that interwoven supply chains across the Americas are not already in place.
The effects of poor infrastructure are multiplied, however, by bad trade policy. The growth miracles of East Asia were supported by policies which prioritise the development of export industries. Latin American governments, in contrast, have tended to prioritise the displacement of imports with domestic production, using trade barriers to shield producers at home.
, is a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership . Peru is as well; Chile has agreed to but not yet ratified the deal, partly because of protests against it in 2019. Some multinational firms are curtailing investments in Chile ahead of presidential elections in November. Gabriel Boric, who favours higher taxes on top incomes, is currently leading the polls . In Mexico President Andrés Manuel López Obrador, who is tightening state control over the energy sector, recently said that lawmakers must decide whether “they are in favour of the people or private businesses”.
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