The columnist for the British newspaper, the Financial Times, Michael Stott, made a critical analysis of the mismanagement of the economy by some Latin American presidents, such as Gustavo Petro of Colombia, Gabriel Boric of Chile, and Luiz Lula da Silva of Brazil. ; stating that even though they have the tools to be strong, they seem to have other priorities.
“Latin America has been blessed with abundant and cheap renewable energy. It is one of the largest food exporters in the world. It is at peace, far from world conflicts, and its nations are mostly strong democracies. It is close to the United States, in an ideal situation to benefit from the relocation of production from China. However, Latin American presidents seem to have other priorities,” the columnist commented.
In his analysis, Scott says that Brazil could compete with India in assembling iPhones or getting investment in microchips, but President Luiz Inácio Lula da Silva wants to build oil refineries, revive shipbuilding and pursue a monetary union Argentina, which is almost bankrupt.
In the case of Chile, he affirmed that the president, Gabriel Boric, outlined a strategy to exploit the abundant lithium reserves in the country, which met several requirements: greater concern for the environment, consultations with local communities, and the desire to take advantage of a unique opportunity to boost economic development. According to US-based lithium expert Joe Lowry, the measure “has been poorly drafted and poorly published. This has created enormous uncertainty.”
On the other hand, there is also criticism of the Mexican president, Andrés Manuel López Obrador, who has suppressed the investment promotion agency, attacked renewable energy companies and paralyzed a large, mostly built US brewing project. Likewise, he has scrapped a partially built international airport for Mexico City.
The analysis highlights that Argentina, the third regional economy, is almost bankrupt. His Peronist government, led by Alberto Fernández, has imposed price and exchange controls that have failed to curb inflation of more than 100% per year and have ended most foreign investment.
Likewise, he judged the president of Colombia, Gustavo Petro, since he has opposed new oil and mining projects, a pillar of the economy. In addition, the former guerrilla revolutionary has just forced the resignation of his entire cabinet, including his respected finance minister, as part of a shift to an “emergency” government.