April 16, 2013
Washington DC
Ms. Bhatt - I have a question online:
How is the situation of Brazil affecting the economy of South America, and which are the channels of spillover to Paraguay, Argentina, and Uruguay?
Mr. Helbing - Brazil is the largest economy in South America, so the sharp slowdown in growth into 2012, and then turning negative, has affected the region and it affects the region, particularly through trade linkages.
Brazil is a financially integrated economy, whereas some of its neighbors, in particular if we talk about Paraguay or Argentina, are less integrated into the global financial system. So, trade spillovers are the main channel.
QUESTION: (No English interpretation provided).
Mr. Helbing - If you look at Latin America as a whole and if you look in particular at South America, growth slowed considerably last year and we expect it to pick up. Now, the situation across South America, Latin America is different. The slowdown last year, it particularly reflected a slowdown in growth in the largest economies in South America, Brazil and Argentina. In contrast, some of the smaller open economies in Latin America have continued to do well. I see Peru, also Chile, where growth is relatively close to potential, around 5 to 6 percent.
Washington DC
Ms. Bhatt - I have a question online:
How is the situation of Brazil affecting the economy of South America, and which are the channels of spillover to Paraguay, Argentina, and Uruguay?
Mr. Helbing - Brazil is the largest economy in South America, so the sharp slowdown in growth into 2012, and then turning negative, has affected the region and it affects the region, particularly through trade linkages.
Brazil is a financially integrated economy, whereas some of its neighbors, in particular if we talk about Paraguay or Argentina, are less integrated into the global financial system. So, trade spillovers are the main channel.
QUESTION: (No English interpretation provided).
Mr. Helbing - If you look at Latin America as a whole and if you look in particular at South America, growth slowed considerably last year and we expect it to pick up. Now, the situation across South America, Latin America is different. The slowdown last year, it particularly reflected a slowdown in growth in the largest economies in South America, Brazil and Argentina. In contrast, some of the smaller open economies in Latin America have continued to do well. I see Peru, also Chile, where growth is relatively close to potential, around 5 to 6 percent.
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