The concerns about Colombia’s public finances that flared up this week are warranted in our view. We think that the public debt burden will remain well above its pre-pandemic level and higher than in many other parts of the region over the coming years. Elsewhere, in Mexico, the breakdown of this week's stronger-than-expected industrial production data suggests that there’s less evidence of nearshoring driving the economy than some suggest. And it may take some time for the impact to really be felt.
Note: We’ll be discussing macro and market risks around El Niño’s return in a 20-minute briefing on Wednesday, 19th July. Click here to register.
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