Panorama

During the last few years, several countries in the region have improved a series of macroeconomic indicators, favored by more contained inflation in economies such as Brazil or Chile and by a relatively favorable international environment. But future developments will continue to be conditioned by political and fiscal factors and as a consequence of the international environment's evolution.

North American countries are redefining their role in an increasingly fragmented world where the trend toward offshoring production coexists with the uncertainty stemming from U.S. policy, cementing Mexico and Canada as key partners, while the United States seeks to maintain its global leadership in a less predictable environment.

The Old Continent is seeking to regain competitiveness in a new global order marked by high energy costs, reduced technological importance, and a regulatory framework that is holding back its industrial momentum.