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The recovery of growth in Latin America has not materialized for several quarters and the return to average growth rates above 2% has been consistently delayed. The second quarter of 2019 was no exception.
Recent weeks have seen an escalation of restrictive measures and trade retaliation between the US and China, as well as restrictions placed on the activity and investment of foreign technology companies in domestic markets or the announcement of further tariffs imposed by the US to Mexico.
Concerns are increasing regarding what is happening in the financial markets. Above all, this is because contagion is affecting all geographies and asset classes. This leads us to ask what is driving this new market collapse. Is it the Fed? China? What can we expect in the coming months regarding commodities?
The tailwinds that Latin America had enjoyed for ten years over 2004 to 2013 (the steady rise of commodity prices, driven up by China, and helpful international borrowing conditions) have now died down and there is no prospect of them returning in the near future.