Except for Argentina and Guatemala, we see an across-the-board but moderate acceleration of growth in 2020, as trade tensions subside and there is room to engage in monetary easing However, fiscal policy is constrained due to a rapid rise in indebtedness and structurally low tax revenues Elections will be critical in Dominican Republic (2020) and Ecuador (2021) In Argentina, we expect the debt restructuring to be successful but policy-risks dominate particularly when the electoral cycle r...
It’s all about debt - Accounting one year later - Patience is exhausted - Watching the curves As always, it all depends on the oil industry - Interests to defend - Production and refining realistic panorama - Cash Flow exercise Free Fall of the Economy - General perspectives are negative - Fewer allies makes it more difficult - Political panorama
2019: Keeping the pace up DR’s economy will shine again in 2019 Tourism keeps going strong Foreign currency flows to reinforce reserves’ position in 2018 Low inflation returns in 2018. Next year, story could be different Fiscal accounts to keep on positive roll Revenues improving at better than expected rates Efficiency in collection will have the final say
2019’ political dynamic will define Argentina’s future - CFK’s plans so far - Latest survey - Macri’s real possibilities Opening with macroeconomic variables under control - Monetary and Fiscal policy are the fight flags - No rest in the battle against inflation - GDP: A collateral effect Decisions to target country risk - Threads from the outside - Argentina’s appealing to investors - Argentina’s current curve
Fiscal agenda is the key for 2019 Commitment to fiscal austerity withstands Ecuador is in a long but correct path Preemptive measures mitigates lower oil prices 2019 is not the year for public debt management Financing needs are still heavy Most of next year’s debt depends of market conditions Multilaterals, except IMF, will play a key role to cover needs Economy improves slowly but surely 2018 will finish with low GDP growth Joint efforts by higher oil income and austerity...
Barbados: The First Clash External creditors reject first government proposal Lack of communication leads to long term risks S&P improves local currency ratings… … but foreign currency rating waits for restructuring Bolivia: Evo for the Fourth President Evo Morales to participate in national primaries Negative reactions to Morales’s clearance
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