As the author mentioned the incredible growth was largely due to the commodity boom. The main problem with most of the South American countries is their reliance on commodity prices. The GDP of Argentina, Brazil, Paraguay and Uruguay is closely tied to the price of soy. Chile and Peru tied to mining. Colombia, mining and oil. Ecuador and Venezuela tied to oil.
I don't really seem much improvement when it comes to the issue of governance in South America over the past 10 - 15 years. Maybe someone can correct me on that point.
I see the next couple years as lost. 2023 or so I think we'll start to see growth again.
Interest rates in the US and Euro zone will be at zero or even negative for a while, so that will help Latin American countries.
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