Latin America rarely leads the world in economic policy. The region has struggled to grow since the last commodity boom, lacks competitiveness and remains overdependent on raw material exports. But can it teach the G7 a thing or two about fighting inflation?
While central banks in the UK, US and Europe remain on the back foot in battling stubbornly high inflation, Latin America’s central banks have flexed their inflation-busting muscles and are reaping the rewards.
Good timing helped. Latin America was quick off the mark to raise interest rates, beginning with Brazil in March 2021 — a full year before the US Federal Reserve.
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