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Sustainability is not a normative objective, related with values, apart from making efficient use of scarce resources. On the contrary, it is a positive imperative: evidence is building up that temperatures are rising rapidly, and there is mounting concern over the negative consequences of non-inclusive growth.

Latin America will grow this year. This is good news for the region following two consecutive years of contraction, 2015 and 2016, which followed three of slowdown due to the fall in commodity prices. BBVA Research expects the region as a whole to grow by 0.8% this year and 1.7% in 2018.

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…