The COVID-19 pandemic and the increasingly urgent threat of climate change have clearly demonstrated both the direct relevance of the global (Environmental, Social, and Governance) ESG risk factors as well as the world’s interdependence in facing these ESG risks.
Recent events—in particular, last April’s meeting of the Bretton Woods institutions (that is, the World Bank and the International Monetary Fund (IMF))—have generated significant advances in international financial cooperation, particularly in support of developing countries. Such support remains crucial, as a large number of low- and middle-income countries continue to be severely affected by the COVID-19 crisis while economic recovery efforts are very uneven, as underscored by the IMF in its World Economic Outlook.
Other countries in Latin America should follow Uruguay’s tactful path to make the most of the opportunities provided by China.
Once again, history seems to be repeating itself. The United States, along with the world’s other rich and mostly Western countries, continue to be accused of hoarding medical supplies, having purchased one billion surplus vaccine doses (more than is required to vaccinate their citizens). In their absence, China—and, to a lesser extent, Russia—have rushed to take advantage of the vaccine gap in the Global South, particularly in Latin America and the Caribbean.
This past weekend, following a series of revelatory Senate hearings investigating the government of President Jair Bolsonaro’s catastrophic response to the COVID-19 pandemic, hundreds of thousands of Brazilians took to the streets in over 200 cities, condemning the Bolsonaro administration and demanding his impeachment or resignation.
Global Americans convened a panel of regional experts and analysts to weigh in on the implications of Blinken’s visit to Central America, seeking to answer the following questions: What can Costa Rica teach its Central American neighbors with respect to economic stability and transparent governance? How should the U.S. balance its hemispheric national security priorities with the thorny quandary of calling out democratic vulnerabilities and shortcomings? And, generally, which way forward for U.S.-Central American relations once Secretary Blinken has departed San José?
The projections of all international organizations and private analysts indicate that Latin America’s economy will only partially recover in 2021. As economic growth during the quinquennium prior to the current crisis was close to zero, the region is immersed in a new lost decade.
On Monday, Guillermo Lasso took office as President of Ecuador, using his inaugural presidential address to underscore his commitment to reviving an economy battered by the COVID-19 pandemic and years of painful austerity.
At a decisive time, the U.S. chose to complain about China rather than offer leadership to solve Latin America’s COVID-19 crisis.
