Latin America's Economic Chances in a Post-Covid-19 World

172
DOI: 10.20542/0131-2227-2021-65-5-5-13
Institute of Scientific Information for the Social Sciences of the Russian Academy of Sciences (INION RAN), 51/21 Nakhimovskii Prosp., Moscow, 117418, Russian Federation

Received 01.12.2020.

Abstract. The effects of the COVID-19 pandemic have hit Latin America’s economy and social sphere more than any other crisis in the last hundred years. Coexistence with the virus caused a wave of restrictive measures, destroyed normal mechanisms of supply and demand, collapsed production and foreign trade, dramatically worsened the financial situation of the majority of Latin Americans, exacerbated domestic political problems. The article shows that the extreme severity of the corona crisis was caused not only by its specific features but also by the pairing with other social ills inherent in Latin America: fatal miscalculations of ruling populist regimes, deep-rooted corruption, a huge informal sector of the economy. At the same time, the author attempts to understand the reality of the countries of the region in the post-COVID‑19 period, what can be done to mitigate the negative effects of the epidemic. And the main thing is whether Latin American states have the resources and opportunities to get out of the crisis with a more advanced technological structure of the regional economy. As a matter of fact, in international business and expert circles it is recognized that in recent years new and extremely important economic and social phenomena of the positive order have been born in the leading Latin American states: the modernization of the business community and the strengthening of the role of tecnolatinas, the improvement of the educational level of young people and, on this basis, the qualitative improvement of human capital, the deployment of modernization processes and technological renewal of the production apparatus. The consolidation and development of these trends create unique chances to overcome the extremely unfavourable situation in which the region found itself as a result of the epidemic of coronavirus.

Keywords: Latin America, COVID-19, corona crisis, populism, corruption, economy, tecnolatinas, anti-crisis potential, strategy of growth


REFERENCES

1. Yakovleva N.M., Yakovlev P.P. Tri volny sistemnogo krizisa v Latinskoi Amerike [Three waves of systemic crisis in Latin America]. Latinskaya America, 2020, no. 10, ðp. 6-18. DOI: 10.31857/S0044748X0011327-8

2. Winter B. A Less Apocalyptic Case for Latin America. October 14, 2020. Available at: https://www.americasquarterly.org/article/a-less-apocalyptic-case-for-latin-america/ (accessed 21.11.2020).

3. Johns Hopkins University. Coronavirus Resource Center. Available at: https://coronavirus.jhu.edu/map.html (accessed 02.01.2021).

4. IMF. Policy Responses to COVID‑19. October 24, 2020. Available at: https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29.10.2020).

5. CEPAL – OPS. Salud y economia: una convergencia necesaria para enfrentar el COVID‑19 y retomar la senda hacia el desarrollo sostenible en America Latina y el Caribe. Santiago de Chile, Naciones Unidas, 2020. 241 p.

6. Cardenas M. Latin America is Avoiding the Obvious Need for Reform. Why? Americas Quarterly, October 27, 2020. Available at: https://www.americasquarterly.org/article/5-reasons-why-latin-america-is-avoiding-reform/ (accessed 31.10.2020).

7. Yakovlev P. Latinskaya Amerika: vozmozhen li ryvok v razvitii? [Latin America: is a Spurt in Development Possible?] Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2019, vol. 63, no. 3, pp. 94-103. Available at: https://doi.org/10.20542/0131-2227-2019-63-3-94-103

8. Cortese J. Economias latinoamericanas: los dificiles caminos de la reactivacion. America Economia, 28.10.2020. Available at: https://www.americaeconomia.com/economia-mercados/economias-latinoamericanas-los-dificiles-caminos-de-la-reactivacion (accessed 12.11.2020).

9. CPI 2019: Global Highlights. Transparency International. Available at: https://www.transparency.org/cpi2019?/news/feature/cpi-2019 (accessed 23.10.2020).

10. Escaffi C. Populismo, corrupcion ó informalidad: las tres grandes pandemias. America Economia, 07.10.2020. Available at: https://www.americaeconomia.com/analisis-opinion/populismo-corrupcion-e-informalidad-las-tres-grandes-pandemias (accessed 21.10.2020).

11. Multilatinas: llego la hora de ser flexibles, adaptarse y planificar. America Economia, 25.11.2020. Available at: https://www.americaeconomia.com/multilatinas-llego-la-hora-de-ser-flexibles-adaptarse-y-planificar (accessed 29.11.2020).

12. Multilatinas y la reactivacion: se necesita una mentalidad de crecimiento resiliente. America Economia, 26.11.2020. Available at: https://www.americaeconomia.com/multilatinas-y-la-reactivacion-se-necesita-una-mentalidad-de-crecimiento-resiliente (accessed 30.11.2020).

13. America Latina si produce tecnologia: Estas son las millonarias cifras del negocio. Semana, 24.2.2017. Available at: https://www.dinero.com/emprendimiento/articulo/las-tecnolatinas-mas-grandes-de-america-latina/242335 (accessed 01.10.2020).

14. Fonseca M. 17 srartups brasileiras estao proximas de virar unicornios. Saiba quais sao elas. Infomoney, 20.02.2021. Available at: https://infomoney.com.br/negocios/17-startups-brasileiras-estao-proximas-de-virar-unicornios-saiba-quais-sao-elas (accessed 21.02.2021).

15. Competition Policy, Industrial Policy and National Champions. 2009. OECD. Available at: http://www.oecd.org/daf/competition/44548025.pdf (accessed 01.10.2020).

16. Ramirez N.V. Hora healthtech: la proxima gran industria que busca revolucionar los sistemas de salud. America Economia, 09.07.2020. Available at: https://www.americaeconomia.com/negocios-industrias/hora-healthtech-la-proxima-gran-industria-que-busca-revolucionar-los-sistemas-de (accessed 30.09.2020).

17. Ledger G. El dificil sueno de Rappi. America Economia, 25.11.2020. Available at: https://www.americaeconomia.com/el-dificil-sueno-de-rappi (accessed 30.11.2020).

18. Ledger G. Analisis: el mercado latinoamericano de M&A tambien se adapta a la ‘nueva normalidad’. America Economia, 21.10.2020. Available at: https://www.americaeconomia.com/negocios-industrias/analisis-el-mercado-latinoamericano-de-ma-tambien-se-adapta-la-nueva-normalidad (accessed 29.10.2020).

19. Schwab K. The Fourth Industrial Revolution. Geneva, 2016, World Economic Forum. 184 p.

20. Ferreyra M.M. At a Crossroads: Higher Education in Latin America and the Caribbean. September 8, 2017. Available at: https://blogs.worldbank.org/education/crossroads-higher-education-latin-america-and-caribbean (accessed 11.10.2020).

21. 2021 Best Global Universities in Latin America. Available at: https://www.usnews.com/education/best-global-universities/latin-america (accessed 26.10.2020).

22. Ermol’eva E.G. Aktual’naya povestka dnya: problemy latinoamerikanskoi molodezhi [Major problems and pressing needs of the young in Latin America]. Latinskaya America, 2019, no. 1, ðp. 12-27. DOI: 10.31857/S0044748X0003505-4

23. Inversiones SURA: las ventajas de invertir tu dinero con autenticos expertos. El Pais, 22.10.2020.

24. CEPAL. Construir un nuevo futuro: una recuperacion transformadora con igualdad y sostenibilidad. Santiago, Naciones Unidas, 2020. 243 p.


Registered in System SCIENCE INDEX

For citation:
Yakovlev P. Latin America's Economic Chances in a Post-Covid-19 World. World Eñonomy and International Relations, 2021, vol. 65, no. 5, pp. 5-13. https://doi.org/10.20542/0131-2227-2021-65-5-5-13



Comments (0)

No comments

Add comment







Indexed

 

 

 

 

Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies

 

Current Issue
2025, vol. 69, No. 3
Topical Themes of the Issue:
  • Interference Debate within the UN: Record of Systematic Study 
  • Problems and Ways of Russia’s Access to Non-CIS Countries Product Markets
  • The Integration in Central Asia: Restrictions and Perspectives
Announcement

Dear authors of the journal!

Please note that the author's copies of the issues in which your texts are published are kept in the editorial office for no more than one year. After this period expires, the editorial office has the right to dispose of unclaimed copies at its own discretion.

 

Submit an Article
INVITATION FOR PUBLICATION
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.