Climate change, elections, and interest rate cuts shape current events in Latin America

Latin American Keys is an informative and analytical summary regarding the political and economic situation in the Latin American region. These key takeaways, prepared monthly by ATREVIA´s Analysis and Research team, serve to be a useful tool in understanding the evolution of the political-institutional state of Latin America.

The effects of climate change are hitting Latin America with increasing intensity. Over the past month, droughts and wildfires have particularly impacted Ecuador, Peru, and Brazil. In the first, the resulting energy crisis has led to continuous widespread blackouts; in the second, the situation prevented President Dina Boluarte from attending the UN General Assembly; while the third saw 60% of its territory covered in smoke.

October is shaping up to be a busy election month. Brazil held municipal elections, showing a noticeable shift to the right among voters. In Chile, elections will be held on October 26 and 27, with insecurity and tax reforms dominating the political agenda. Uruguay’s general elections will not only choose a president and parliament but also include two plebiscites, one on social security and the other on night raids.

In the economic arena, Argentina managed to bring inflation below the 4% threshold, reaching 3.5%, its best figure in three years. However, household purchasing power has yet to recover. Colombia’s favorable inflation report prompted the Central Bank to adjust the interest rate down to 10.25%. Although the rate has been steadily reduced from 13.25% in October 2023, the government still considers it too high.

Claudia Sheinbaum was sworn in as Mexico’s first female president on October 1. She outlined the policies that will define her administration, with a strong focus on strengthening social programs, attracting investment, and combating insecurity.

Shifts in the political balance within the European Union are facilitating negotiations on the Mercosur trade agreement, which could be finalized before the end of the year. Additionally, the enforcement of the Deforestation Regulation, which limits the sale of products in the EU that contribute to deforestation, has been extended by 12 months.

Click here to access the Latin American Keys summary.

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