Publish in Trade Talk - Wednesday, June 24, 2020
Mexico's economy is expected to see the worst performance of Latin America's top three economies this year, the IMF predicts. Here the Calle Madero pedestrian street in capital Mexico City. (Photo: Mexico City Government)
Sueli Bonaparte, Brazil-Florida Business Council and Ronaldo Veirano, Veirano Advogados. (Latinvex collage)
As competitiveness worsens in Argentina, Brazil, Mexico and Colombia.
BY LATINVEX STAFF
The International Monetary Fund (IMF) has revised down its outlook for economic growth in Latin America’s top three economies this year.
The IMF now expects Brazil, the region’s top economy, to suffer a 9.1 percent decline. In April, the fund had predicted a 5.3 percent decline.
Mexico, the second-largest economy in Latin America, will be hit even worse, the IMF predicts. It now projects a 10.5 percent decline this year compared with its earlier estimate of 6.6 percent decline.
Meanwhile, Argentina’s economy – the third-largest in the region – is now expected to suffer a 9.9 percent contraction compared with the earlier estimate of a fall of 5.7 percent, according to the IMF’s updated World Economic Outlook.
COMPETITIVENESS: LATIN AMERICA WORSENS
Latin America is saw deteriorating competitiveness the past year, according to the latest competitiveness ranking from Swiss-based business school IMD.
Of eight Latin American countries included on the 63-country ranking, only two (Chile and Peru) improved, while four (Argentina, Brazil, Colombia and Mexico) worsened and one (Venezuela) remained the same.
Among 63 economies worldwide, Brazil now ranks in 56th place, down three spots from last year, while Mexico also fell three spots to 53rd place. Argentina and Colombia fell one spot and two spot, respectively, to 61st and 54th place.
Meanwhile, Chile saw a jump of four spots to 38th place, while Peru moved up three spots to 52nd place.
Venezuela saw no change and remains at the very bottom among the 63 countries included in the ranking.
BRAZIL-FLORIDA COUNCIL ANNIVERSARY
The Brazil-Florida Business Council (BFBC) is celebrating its Fifth Founding Anniversary this month.
The council is led by founder Sueli Bonaparte, who has won widespread praise and support among US and Brazilian investors.
“She has excited the region, creating significant buzz around everything Brazil,” David Neeleman, Chairman of Brazilian airline Azul and founder of JetBlue Airways, told Latinvex in 2017.
Holland & Knight partner Peter Baumgaertner also praises Bonaparte.
“She's exceptionally smart, incredibly dedicated, and deserves a ton of credit for what she has done to strengthen the ties between the two markets and bring the vast opportunities they present for one another to light," he told Latinvex earlier. (See Led by Shining Star, Brazil Business Council Gains Traction).
Due to the COVID-19 pandemic, the council is marking its anniversary with a virtual event June 24.
Ronaldo Veirano, Founding Partner of Veirano Advogados and a Founding Member of the Brazil-Florida Business Council, will receive the Lifetime Achievement Award during the anniversary event.
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