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Economy & Business - January 2022

LEADER
Nicaragua has become the latest Central American nation to end relations with Taiwan in favour of recognising China, and, if previous moves by neighbouring countries are anything to go by, it can expect a wave of investment from Beijing in return...
ANDEAN COUNTRIES
Nearing the end of a 20-year natural gas boom that generated considerable export revenues and fueled generous social spending programmes by the ruling left-wing Movimiento al Socialismo (MAS), Bolivia is looking to boost its renewable energy capacity and become a regional electricity exporter, according to Hydrocarbons and Energy Minister Franklin Molina...
Ecuador’s President Guillermo Lasso promulgated the “Law for Economic Development and Fiscal Sustainability” on 29 November, with the law being approved by default following failed efforts to either pass or shelve it in the national assembly...
Peru’s congress approved the national budget for 2022 on 25 November, following three days of debate...
PERU | Las Bambas back in action...
BRAZIL & SOUTHERN CONE
Chile’s President-elect Gabriel Boric faces a balancing act between two potentially contradictory objectives...
With presidential elections due in October, 2022 will be a critical year for the Brazilian economy...
Brazil’s Nubank, a fintech that is also described as a neo-bank, launched a highly successful IPO on the New York Stock Exchange on 8 December 2021, raising US$2.6bn and valuing the company at around US$48bn...
In around two months Argentina must make a US$3.58bn capital repayment to the International Monetary Fund (IMF), part of a total of US$19.1bn that falls due this year...
BRAZIL | Unemployment improves, remains high...
CENTRAL AMERICA & CARIBBEAN
Despite surging coffee prices on international markets, farmers in the region are increasingly migrating northwards due to falling profits and longstanding structural issues in the sector...
On 16 December 2021, the Inter-American Development Bank (IDB) approved a new Country Strategy for Suriname covering the period 2021-2025...
*** GUYANA STREAKS AHEAD...
EL SALVADOR | Remittances surge...
MEXICO & USMCA
Victoria Rodríguez Ceja, a former deputy finance (SHCP) minister became the first female governor of Mexico’s central bank (Banxico) on 1 January...
On 15 December, Mexico’s national statistics institute (Inegi) published a report on tourism in 2020, comprising all economic activities that focus on providing goods and services for visitors, both domestic and foreign...
On 2 December, economy minister Tatiana Clouthier announced that the Mexican government is considering resorting to a formal commercial dispute panel under the US-Mexico-Canada Agreement (USMCA) on regional trade and the World Trade Organisation (WTO) if the US senate votes in favour of a bill that seeks to subsidise production of electric vehicles (EV)...
On 16 December, Mexico’s national statistics institute (Inegi) released preliminary 2020 data regarding the informal economy, which comprises not only the informal sector – typically unregistered business that provide goods or services - but also other activities that may be part of the formal sector but which employ workers without legal labour benefits, such as agriculture, for example...
State-owned oil company Pemex announced on 1 December that it had created a new subsidiary that will focus on marketing its oil, gas, and petrochemical products within the national market...
MEXICO | Raising benchmark interest rate again...

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