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Published on Monday, October 6, 2025

Latam | Gradually converging toward macroeconomic equilibrium

Summary

In the midst of a year of global uncertainty, both due to economic and geopolitical factors, Latam has shown a particular resilience that has manifested itself in the appreciation of its currencies and the reduction of its risk premiums.

Key points

  • Key points:
  • The region has gradually moved toward achieving macroeconomic equilibrium, although several countries still have pending tasks on this front.
  • Along with Colombia, Argentina is one of the few major economies to show an acceleration in activity compared to 2024, demonstrating its dynamism.
  • In contrast, other large economies such as Mexico and Brazil are experiencing slowdowns in activity, but these are less severe than estimated three months ago.
  • Inflation remains high this year, with most countries still seeing it at or slightly above their targets. Peru is the exception, with inflation slightly below target.
  • Monetary policy has differential stances among countries. On the one hand, a group of countries that have made greater progress in containing inflation and that today maintain low interest rates in relation to those of the United States, such as Chile and Peru.

Geographies

Documents and files

Press article (PDF)

Latam: gradually converging toward macroeconomic equilibrium

Spanish - October 6, 2025

Authors

AR
Alejandro Reyes González BBVA Research - Principal Economist
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