The easing of some US sanctions will give a small boost to Venezuela’s oil output, but it would take much more on the sanctions front – as well as huge investment – to boost oil production significantly. Meanwhile, Colombia's external vulnerabilities continue to mount and we think growth will need to slow sharply next year to put the economy on to a more sustainable footing. Finally, while it's uncertain if the third impeachment procedure against Peru's President Castillo will succeed, policy paralysis is set to continue, which will weigh on investment and GDP growth next year.
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