The Hummingbird Vol.7 No.5

Measuring the impact of COVID-19 with a view to reactivation

The aim of this second Special Report is to quantify the economic impact of the pandemic in the short and medium term. With regard the short term —during the course of 2020— estimates shed light on the dynamics of production, employment, poverty and income distribution, based on data available at 17 April 2020, for all the subregions of Latin America and the Caribbean and many of their economies. The report also provides details of the main macroeconomic policy measures to tackle the effects of the pandemic that have been announced to date. Quantifying the decline in economic activity enables …

Dimensionar los efectos del COVID-19 para pensar en la reactivación

El objetivo de este segundo Informe Especial elaborado por la Comisión Económica para América Latina y el Caribe (CEPAL) sobre la evolución y los efectos de la pandemia del COVID-19 en América Latina y el Caribe es dimensionar sus efectos económicos en el corto y mediano plazo en la región. Para el corto plazo, es decir en el curso de 2020, se presentan estimaciones de la dinámica de la producción y el empleo con base en la información disponible al 17 de abril de 2020, que abarca todas las subregiones de América Latina y el Caribe y muchas de sus economías. Asimismo, se detallan las principal…

U.S. Economic Outlook: 2019 in review and early 2020 developments

Highlights • The record long U.S. economic expansion is coming to an end, as a result of the COVID-19 pandemic. Shutdowns to stem the spread of the virus have already had an impact on the economy, and are already visible in some preliminary data for March, ranging from jobless claims to factory output. The U.S. government will release its initial estimate for the first quarter of 2020 at the end of April, and a decline in growth is expected, followed by an even worse decline in the second quarter. • Three stimulus packages were approved by the U.S. Congress in March, aiming to address the impa…

60 International Agencies Urge Rapid, Coordinated Response as Pandemic Threatens to Destabilize Poor Countries’ Finances

NEW YORK, 9 April 2020 – Governments must take immediate steps to prevent a potentially devastating debt crisis and address the economic and financial havoc wrought by the COVID-19 pandemic – says a new report from the United Nations-led Inter-Agency Task Force on Financing for Development. The UN System’s 2020 Financing for Sustainable Development Report outlines measures to address the impact of the unfolding global recession and financial turmoil, especially in the world’s poorest countries. Its recommendations are based on joint research and analysis from the UN System, the International M…

60 agencias internacionales exhortan a una respuesta coordinada y oportuna para enfrentar la crisis económica y financiera desatada por la pandemia que amenaza con desestabilizar las finanzas de los países de menores ingresos

NUEVA YORK, 9 de abril de 2020 – De acuerdo con un nuevo reporte del Grupo Interagencial sobre Financiamiento para el Desarrollo, liderado por las Naciones Unidas, los gobiernos deben tomar medidas inmediatas para hacer frente a los estragos económicos y financieros causados por la pandemia del COVID-19, y prevenir una crisis de deuda con efectos potencialmente devastadores. El Informe del Financiamiento para el Desarrollo Sostenible 2020 propone una serie de medidas para paliar los efectos de la recesión global y la crisis financiera, en particular para los países de menores ingresos. Las rec…

Capital Flows to Latin America and the Caribbean Picked Up in 2019, but Credit Quality Declined

The report Capital Flows to Latin America and the Caribbean: 2019 Year-in-Review, recently released by ECLAC’s Office in Washington D.C., reviews the main 2019 trends in capital flows to the region. According to the study, lowering global interest rates supported Latin American and Caribbean (LAC) bond activity in 2019. Borrowers enjoyed easy financing conditions, as interest rate cuts from the U.S. Federal Reserve and the European Central Bank allowed them to issue foreign currency denominated bonds at increasingly low rates. Mexican, Brazilian and Chilean borrowers were the main contributor…

Flujos de capital hacia América Latina y el Caribe se aceleraron en 2019, pero la calidad crediticia bajó

El informe Flujos de capital hacia América Latina y el Caribe. Resumen del año 2019 (disponible solo en inglés), difundido recientemente por la Oficina de la CEPAL en Washington, repasa las principales tendencias de 2019 respecto de los flujos de capital hacia la región. Según el estudio, las tasas de interés globales a la baja apoyaron la actividad de bonos en América Latina y el Caribe en 2019. Los prestatarios gozaron de condiciones de financiamiento fáciles, ya que las reducciones en las tasas de interés hechas por la Reserva Federal de los Estados Unidos y el Banco Central Europeo permiti…

Os fluxos de capital para a América Latina e o Caribe se aceleraram em 2019, mas a qualidade do crédito baixou

O relatório Fluxos de capital para a América Latina e o Caribe. Resumo de 2019 (disponível somente em inglês), difundido recentemente pelo Escritório da CEPAL em Washington, examina as principais tendências dos fluxos de capital para a região em 2019. Segundo o estudo, as taxas de juros globais em queda apoiaram a emissão de títulos da América Latina e do Caribe em 2019. Os mutuários desfrutaram de condições de financiamento fáceis, já que as reduções nas taxas de juros feitas pela Reserva Federal dos Estados Unidos e pelo Banco Central Europeu permitiram que emitissem títulos denominados em m…

Capital Flows to Latin America and the Caribbean: 2019 Year-in-Review

These are the main highlights of the Capital Flows to Latin America 2019 Year-in-Review edition: • In 2019, international bond issuance from Latin America and the Caribbean (LAC) increased and bond spreads tightened, but credit quality continued to deteriorate although at a slower pace relative to 2018. • Lowering global interest rates brought issuance volume up in the region. Total LAC debt issuance in international markets in 2019 was US$ 119 billion, 26% higher than in 2018. • Mexican, Brazilian and Chilean borrowers were the main contributors to the region’s performance. Together they were…

Balance preliminar de las economías de Centroamérica y la República Dominicana en 2019 y perspectivas para 2020

En el presente documento se hace un balance preliminar de las economías de Centroamérica (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua y Panamá) y la República Dominicana (CARD) en 2019 y se ofrecen perspectivas para 2020. Es un análisis de coyuntura elaborado por la Unidad de Desarrollo Económico de la Sede subregional de la Comisión Económica para América Latina y el Caribe (CEPAL) en México, con información disponible al 31 de enero de 2020.…

Balanço Preliminar das Economias da América Latina e do Caribe 2019

Este Balanço Preliminar das Economias da América Latina e do Caribe vem à luz num contexto econômico e social extremamente complexo para a região. A América Latina apresenta desaceleração econômica generalizada e sincronizada nos países e nos diversos setores. Em 2019, contrastando com anos anteriores, 18 dos 20 países da América Latina, bem como 23 das 33 economias da América Latina e do Caribe, apresentam desaceleração na taxa de crescimento da atividade econômica. O menor dinamismo da demanda interna foi acompanhado por baixa demanda agregada externa e mercados financeiros internacionais ma…

The asset management industry in the United States

This paper describes the dimensions and activities of the asset management industry in the United States locating the industry in the global context. It also discusses the evolution of asset management strategies utilized by the industry, setting up the discussion of the potential risks associated with this set of strategies and identifies the potential risks to the industry and explore the overall risks they raise for the global financial system. Finally, it provides regulatory responses to deal with these potential problems and briefly summarizes some suggested modifications of regulations t…

Aperfeiçoamento da Regulamentação de Produtos e de Investimentos Privados em Infraestrutura no Brasil

Este estudo analisa quais alterações nos instrumentos financeiros são recomendadas ou foram feitas para viabilizar uma expansão dos investimentos com maior participação do setor privado no financiamento de projetos. Tais alterações podem ser na legislação de debêntures de infraestrutura, na tributação de instrumentos de renda fixa, nas normas da Comissão de Valores Mobiliários (CVM) para os fundos de investimento ou nas práticas de mercado de cofinanciamento de projetos.…

U.S. Economic Outlook: Third Quarter 2019

Highlights • In the third quarter of 2019, the U.S. economy grew at a 2.1% annualized rate. Growth was driven by consumer and government spending, and a buildup in inventories. • The third quarter of 2019 was the 41st consecutive quarter of growth and November the 125th month of consecutive growth for the U.S. economy. The current expansion is the longest on record. • The Federal Open Market Committee (FOMC) cut the federal funds rate three times this year, in July, September and October, due to slowing global growth and trade uncertainty, contributing to diminish recession fears. Federal Rese…

Capital Flows to Latin America and the Caribbean: Third Quarter 2019

These are the main highlights of the Capital Flows to Latin America, Third Quarter 2019 edition: • International bond issuance from Latin America and the Caribbean (LAC) in the third quarter (Q3) of 2019 was US$ 39.3 billion. It was up 17% from the second quarter, and up 541% from the third quarter of 2018, and it was the highest third-quarter issuance since 2010. • From January to October 2019, the region’s total bond issuance reached US$ 103 billion, 20% higher than in the same period in 2018. • The three top issuers, sovereign and corporate issuance combined, accounted for 65% of the tota…

Balance Preliminar de las Economías de América Latina y el Caribe 2019

El Balance Preliminar de las Economías de América Latina y el Caribe 2019 sale a la luz en un contexto económico y social extremadamente complejo para la región. América Latina presenta una desaceleración económica generalizada y sincronizada a nivel de los países y de los distintos sectores. En 2019, en contraste con años anteriores, 18 de los 20 países de América Latina, así como 23 de las 33 economías de América Latina y el Caribe, presentan una desaceleración en la tasa de crecimiento de su actividad económica. El menor dinamismo de la demanda interna se ha visto acompañado por una baja de…

Preliminary Overview of the Economies of Latin America and the Caribbean 2019

This edition of the Preliminary Overview of the Economies of Latin America and the Caribbean is released amid an extremely complex economic and social context for the region. Latin America is showing a synchronized economic slowdown at the country and sector levels. In contrast to previous years, in 2019 growth in economic activity is slowing in 18 of the 20 countries of Latin America, and in 23 of the 33 countries of the Latin American and Caribbean region as a whole. The slackening of domestic demand has been accompanied by low aggregate external demand and more fragile international financi…

Preliminary overview of the economies of the Caribbean 2018–2019: Economic restructuring and fiscal consolidation as a platform to increase growth

This overview examines the economic performance of economies of the Caribbean in 2018 and comprises four chapters. The first chapter provides a comparative analysis across Caribbean economies of the main macroeconomic variables, namely GDP growth, monetary indicators, as well as fiscal and external accounts. The second chapter looks at the key development imperatives for the Caribbean. The third chapter concludes, and the final chapter includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and a subregiona…

The Hummingbird Vol.6 No.9