Heine Quoted on the Future of Latin America’s Economy
On June 21, 2023, Ambassador Jorge Heine, Research Professor at Boston University’s Frederick S. Pardee School of Global Studies and Interim Director of the Frederick S. Pardee Center for the Study of the Longer-Range Future, was cited in an article published in Valor Econômico for his expertise on strengthening economies in Latin America.
The article, “Improvement in LA growth does not change the scenario for the year,” highlights the growth the Latin American economy has unexpectedly been experiencing in 2023 but also how that doesn’t guarantee growth through 2024. In fact, projections for 2024 actually show signs of decline. This economic burst was largely due to the successful agricultural season in countries such as Brazil along with the demand for more resources in countries such as food in China. With financial conditions predicted to be more restrictive in 2024, there will not be much room for idleness in the productive economy in order to yield compact growth that year.
Much of the future of the Latin American economy is riding on the recovery of China’s manufacturing and construction sector and if the US enters a recession. Latin American countries will have to endure an economic change in order to grow without depending on China and the US.
The article concludes with a quote from Ambassador Heine:
“We need to advance in industrialization. Our history is one of dependence on raw materials. With the recession, our countries entered a crisis. It is necessary to create ways to change that, and thus more stable economies”
Read the full article here.
Ambassador Jorge Heine is a Research Professor at the Pardee School of Global Studies at Boston University. He has served as ambassador of Chile to China (2014-2017), to India (2003-2007), and to South Africa (1994-1999), and as a Cabinet Minister in the Chilean Government. Read more about Ambassador Heine on his Pardee School faculty profile.