As the global economy sails against stiff headwinds, it is easier to highlight what countries are doing wrong, not what they are doing right. Focusing on sluggish growth or dwindling reserves may yield a compelling indictment of the global economic system, but it offers little guidance for improvement.
We understand that there are problems. It is time we focused on the solutions.
Following the financial crisis of 2008, emerging markets seemed capable of reinvigorating global growth. More recently, developing countries have faced trying macroeconomic conditions as the United States tightens monetary policy.
But the all-too easy grouping “emerging markets” by no means constitutes a cohesive bloc. Countries across the globe may experience turbulence, but some have taken steps that will help them weather the storm, and to subsequently emerge as responsible, contributing members of the world economy.
Herein lies the importance of the Pacific Pumas. We believe Mexico, Colombia, Peru and Chile are forging a path for Western Hemisphere emerging markets that are committed to sound macroeconomic policy, global integration and stronger democratic institutions.