Publish in Trade Talk - Wednesday, April 10, 2019
Speaker Rodrigo Maia and President Jair Bolsonaro meet at the presidential residence Palácio da Alvorada to discuss pension reform in February . (Photo: Marcos Corrêa)
Port traffic and remittances grew in Latin America last year.
BY LATINVEX STAFF
Brazil’s President Jair Bolsonaro marks his first 100 days with a mixed record.
On the one hand, he gained praise for his appointments of well-respected people to head the economy and justice ministries, the central bank and state companies such as Petrobras.
On the other hand, the delay in getting the vital pension reform passed is increasingly worrying investors.
Bolsonaro’s chaotic management style has been part of the problem, critics say.
“Brazil needs a functioning government ... and the president is playing around with the presidency of Brazil,” Rodrigo Maia, speaker of Brazil's lower house, complained recently.
Unlike his predecessor, Michel Temer, Bolsonaro has failed to build a good relationship with a working majority in the badly-splintered Congress.
The Economist calls Bolsonaro “Brazil's apprentice president” and warns that “unless he stops provoking and learns to govern, his tenure could be short.”
PORT CARGO TRAFFIC UP
Cargo traffic at Latin American ports grew last year by 7.7 percent to 53.2 million TEU, according to the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).
Colon in Panama remains the top port, followed by Santos in Brazil and Manzanillo in Mexico.
REMITTANCES GREW 10% LAST YEAR
Family remittances to Latin America and the Caribbean reached $85 billion in 2018, an increase of 10.2 percent from 2017, according to the Inter-American Dialogue.
Mexico leads in overall remittances, with $33.5 billion, followed by Guatemala ($9.3 billion) and the Dominican Republic ($6.5 billion).
When compared with GDP, Haiti leads the way, followed by El Salvador and Honduras.
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