Some of the main problems the region is facing today and even before the pandemic are the inefficient medical assistance and services, low trust in local governments, social crisis, the worst violence in the world (33% of the world’s homicides) and economies with very low performances. There is no doubt that the next decade will be very difficult for Latin America, but maybe not the end of it all.

It’s not the first time the region has been in this situation. 2001-2002 was a catastrophic year for Argentina, with a cost of 20% of its gross domestic product and 1 of 3 Argentinians were unemployed. The year 2000 was also a very difficult time not only for Argentina, but also for Colombia which had very little cash to pay workers and Las Farc were in its most victorious times of terrorism. Brazil was facing a huge financial crisis; Venezuela was lost in a polarization and the exodus of its middle class. Similar situations were faced by other countries of the region, not very different from those of today and they all survived them. So, it’s not the first time, and Latin Americans know they can fight back.

Economies in Latin America are known to have a cyclical behavior and the period between 2003 and 2013 was one of the most prosperous of the region. Almost 50 million Latin Americans passed from absolute poverty to middle class, so the region has had its good moments too.

A typical characteristic of Latin Americans is that of a relative optimism. Every time the region is at its highest peak, they think happiness will last forever but in times of crisis it’s the opposite and a huge fatalism covers the whole panorama. Let’s take a look at some reasons Latin American’s should have in mind in 2020 to stay optimistic:

     1.Higher education levels

More than 40% of adolescents today have access to a superior education, similar to Central Asia. It is true though that with the deadly disease many students have had to retire from their studies to help their families at home, but this generation is still the one with highest chances to improve productivity in Latin America.

     2. Use of technology

The increase of mobile technology in the region is surely bringing benefits because of its high usage and because it is very probable that Latin America will jump development stages.

COVID19 crisis evolution in LATAM. Where are we at?

     3. Political changes

Latin America faces inefficient presidential leadership in general, most presidents are focusing on cultural wars, with very poor or cero innovation in economic strategies. Nevertheless, in many countries democracy has shown resiliency to repair old deficiencies. Examples worth mentioning are how the Congress of Brazil approved an important subsidy reform in 2019 and the referendum process in Chile for a new constitution.

     4. New businessmen

Many businessmen of the private sector are aware that they have to participate and show leadership in important decisions that can’t be left to the government only. In Brazil young important businessmen are pressuring the government to protect the Amazonia and also to achieve more commerce and integration.

So, there is still hope and not everything is lost. Its possible to create a more transparent corporate environment in the region, even though there is still a big monster stalking Latin America: corruption.

Not all in Latin America is crisis and there has been a lot of progress when looking back at how the region fallen before and stood up again empowered. Countries of the region just need appropriate presidential leadership.