El Futuro Económico De América Latina: ¿Hecho En China?
Total Page:16
File Type:pdf, Size:1020Kb
El Futuro Económico de América Latina: ¿Hecho en China? Ciudad de Guatemala 2828--2929 de febrero del 2012 Oficina del Economista Jefe América Latina y el Caribe 1 Banco Mundial El entorno global Turbulencia financiera coyuntural 2 Sources: Bloomberg. Sources: volatilidad financiera Coyuntura global fragilidad marcada por y VIX Index 60 70 80 90 10 20 30 40 50 0 Jan -07 Jun -07 Nov -07 Apr -08 S&P 500 S&P500 and VIX Index Sep -08 Feb -09 Jul -09 Dec -09 May -10 Oct -10 VIX Index VIX Mar -11 (rhs) S&P500 Aug -11 Jan -12 200 400 600 800 0 1200 1400 1600 1800 1000 S&P 500 3 El epicentro europeo La reversión de las fortunas Global Sovereign CDS Global Sovereign CDS 31-Dec-2007, in basis points Feb-2012, in basis points Argentina Greece Venezuela Portugal Ukrain Venezuela Kazakhastan Ukraine Tukey Argentina Phillipines Ireland Indonesia Hungary Colombia avg Panama Croatia Peru Italy Vietnam Romania Brazil Spain Russia Bulgaria Romania Slovak Rep South Africa Turkey Bulgaria Kazakhastan Mexico Poland Croatia Belgium Thailand Russia Hungary Thailand Korea South Africa Malaysia Indonesia Chile France Poland Phillipines Italy Peru Greece Korea Ireland Brazil Slovak Rep Mexico Portugal Colombia Spain Malaysia Belgium Panama France Chile Germany Germany Sweden Sweden 0 500 1000 1500 2000 0 1000 2000 3000 4000 5000 6000 7000 Notes: In panel A, for Ireland we use the first CDS quote available (August 2008). Sources: Bloomberg. 4 Notes: In panel Notes: A, for Ireland we use first CDSthe Trauma y drama ––¿cuánto más por venir? y Trauma drama ––¿cuánto europeo epicentro El 1000 1500 2000 2500 500 0 Aug -10 quote availablequote (August 2008). Sources: Bloomberg. Sep -10 Ireland+Greece+Portugal Oct -10 Italy Spain UK France ¿cuánto más por venir? Nov -10 CDS CDS (5 years) in Europe Dec -10 Jan -11 Basis In Points Feb -11 Mar -11 Apr -11 May -11 Jun -11 Jul -11 Aug -11 Sep -11 5 1 moneda, 1 moneda, 17 deudas soberanas europeo epicentro El Source: Source: Bloomberg 10% 15% 20% 25% -5% 0% 5% Mar -93 Apr -94 May -95 Jun -96 Spreads Spreads Over German Bonds Jul -97 Aug -98 Sep -99 Oct -00 % In Nov -01 Jan -03 Feb -04 Euro ofLaunch the Official Spain Italy France Ireland Greece Portugal Mar -05 Apr -06 May -07 Jun -08 Jul -09 Aug -10 Sep -11 6 assuming a long term inflation and growth of 1.5% and r 2%, and 1.5% ofgrowth and term long inflation a assuming Source: EuroStats and Bloomberg. For panel panel B, theoreticalFor the and EuroStats Source:Bloomberg. estructural Heterogeneidad la y trampa CDM europeo epicentro El 120 140 160 180 200 100 80 Q1 -2000 Q3 -2000 Q1 -2001 Spain France Greece Portugal Italy Germany Q3 -2001 Q1 -2002 Q3 -2002 LaborUnit Costs in Europe Q1 -2003 base Index 100 = q1-2000 Q3 -2003 Q1 -2004 Q3 -2004 Q1 -2005 Q3 -2005 Q1 -2006 Q3 -2006 Q1 -2007 Q3 -2007 espectively. primary balances primary balances the using is observation calculated last Q1 -2008 Q3 -2008 Q1 -2009 Q3 -2009 Q1 -2010 Q3 -2010 Q1 -2011 -10.0% % of GDP 10.0% 15.0% 20.0% -5.0% 0.0% 5.0% Greece of the the interestsofbonds, nominal and rates on 10ys France Theoreticalvs Actual Primary Balance Debt Debt Sustainability in Europe Ireland Portugal Italy Theoretical Actual Spain 7 Sources: Consensus Forecasts (Feb-2012)and Bloomberg. recuperación Débil económica: Keynes vs. Fischer estadounidence epicentro El Index base 100 = Iq - 2003 110 115 120 125 130 135 100 105 90 95 Mar -03 Dec -03 Sep -04 Jun -05 GDP Index base 100 Iq = - 2003 US EconomicUS Activity Mar -06 trend 2003-2007 Dec -06 Sep -07 Jun -08 Mar -09 Dec -09 Sep -10 Jun -11 Mar -12 ISM Index 60 70 10 20 30 40 50 0 Jan -06 Apr -06 Jul -06 Oct -06 IndustrialProduction Index ISM Jan -07 IndustrialProduction and ISM Index Apr -07 Jul -07 Oct -07 Industrial Production%) (YoY Jan -08 Apr -08 Jul -08 Oct -08 Jan -09 Apr -09 Jul -09 Oct -09 Jan -10 Apr -10 Jul -10 Oct -10 Jan -11 Apr -11 Jul -11 Oct -11 Jan -12 -5.0% 10.0% -20.0% -15.0% -10.0% 0.0% 5.0% 8 Industrial Production (YoY) Source: Source: Bloomberg Menor calificación crediticia lugar pero de refu el estadounidence epicentro El USD 1600 1700 1800 1900 2000 1200 1300 1400 1500 Jan -11 Feb -11 Mar -11 Mar -11 Apr -11 May -11 Goldand US T10 Jun -11 2011-2012 Jul -11 T10 US Gold Jul -11 estadounidence Aug -11 Sep -11 Oct -11 Nov … Dec -11 Dec -11 Jan -12 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Percent 100 105 110 115 90 95 Dec -10 Yen Jan -11 Euro Mar -11 Apr -11 Real Pound UK May -11 Foreign Currencies PerDollar Jun -11 1-Jan-2011 = 100 baseIndex Jul -11 Aug -11 Sep -11 gio Oct -11 Nov -11 Dec -11 Jan -12 9 Feb -12 El entorno global Multipolaridad económica 10 Desacoplamiento cíclico ––centrocentro vs. periferia World Industrial Production Index Apr-08 = 100 120 115 Crisis 110 Advanced Economies Emerging Economies 105 100 Contribution to World Economic GDP 95 as a % of World GDP increase (PPP) 100% 8% 8% 90 11% 8% 7% 8% 85 80% 80 34% 11 10 - - 60% 44% 57% Jul-09 Jan-06 Oct-07 Feb Sep-10 Apr Dec-08 Mar-07 Aug-06 May-08 40% 51% 20% 38% 27% 0% 1996-2001 2001-2006 2009-2011 Others Other Advanced Economies EM - 20 Euro (15)+US+Japan+Canada+UK Note: The group of developed countries refers to OECD countries excluding Turkey, Mexico, Republic of Korea, and Central European 11 countries. Source: CPB (Netherlands Bureau for Economic Policy Analysis). Cambios tectónicos en la distribución de la actividad económica global Share of World GDP 100% Advanced economies 90% Emerging and developing 80% economies China 70% 60% 50% 40% 30% 20% 10% 0% 2002 2004 2006 2008 2010 2012 2014 2016 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 Source: IMF WEO (September 2011) 12 Implicaciones para América Latina 13 Sources: Consensus Forecast Consensus (Feb-Sources: 2012), and IMF WE para 2012 y el pronósticos reciente Crecimiento % Growth Rate 10% 12% 0% 2% 4% 6% 8% Income High High 2010 Real GDP GDP GrowthReal Forecasts Aroundthe World Annual Real GDP RealAnnualGDP Growth Rate, Averages Weighted Africa South 2011 Europe & Europe Central Asia 2012 America& Caribbean Latin GDP per GDP capita PPP(2010) EastAsian Tigers 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% O O (September 2011) India Jan -11 Feb -11 China LAC 2012LACGDP ForecastsGrowth Evolution Mar -11 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 5,000 0 Apr -11 May -11 GDP per capita PPP Jun -11 In % In Jul -11 Aug -11 Sep -11 Guatemala (weighted average) LAC Oct -11 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Nov -11 Jamaica Actual Growth and Growth Forecast: LAC Countries Dec -11 El Salvador 2012f 2011e Jan -12 Trin. & Tob. Guatemala Nicaragua Mexico Averages Weighted forLAC Brazil LAC Argentina Costa Rica Bolivia Ecuador Paraguay Venezuela Chile Uruguay Colombia Dom. Rep. Peru Panama 14 Desigual desempeño económico en la región La heterogeneidad ha ido mutando en la última década Low-Growth Countries Intermediate-Growth Countries GDP Index 2002=100 GDP Index 2002=100 180 180 Actual Actual 160 2003 -2007 Trend 160 2003 -2007 Trend 140 140 120 120 100 100 80 80 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Guatemala High-Growth Countries GDP Index 2002=100 GDP Index 2002=100 180 180 Actual Actual 2003 -2007 Trend 160 160 2003-2007 Trend 140 140 120 120 100 100 80 80 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Sources: Potential GPD is computed as the average rate of growth between 2007 and 2003. Simple averages are used to construct the composite. The categorization of each group is as follow: Slow-growth are those countries that showed a less than 3.5% in their 2011-2008 GDP real growth rate; Medium-growth are those between 3.5% and 10%: High-growth are 15 those with 10% or more. WEO (September– 2011). Desigual desempeño económico Importa menos la ubicación que la conexión (Geometric) (Geometric) (Geometric) Mean growth Mean growth Mean growth Min. Max. 2003-2007 2007-2009 2009-2012 2009-2012 2009-2012 Simple Average Simple Average Simple Average Low growth (13) 4.9% -1.6% 1.3% -0.1% 4.3% Medium growth (7) 4.5% 1.7% 3.4% 2.6% 4.4% Guatemala 4.5% 3.6% 3.9% 3.9% 3.9% High growth (12) 5.9% 4.5% 6.0% 4.5% 8.7% LAC (all countries) 4.8% 1.1% 3.5% -0.1% 8.7% Low growth : Antigua and Barbuda, Bahamas, Barbados, Dominica, El Salvador, Grenada, Jamaica, Mexico , St. Kitts and Nevis, St. Vincent and the Grenadines, St. Lucia, Trinidad and Tobago, and Venezuela Intermediate growth : Belize, Costa Rica, Ecuador, Guatemala , Haiti, Honduras, and Nicaragua High growth: Argentina, Bolivia, Brazil, Chile, Colombia, Dominican Republic , Guyana, Panama , Paraguay, Peru, Suriname and Uruguay Sources: World Bank’s World Development Indicators – WDI (December 2010), IMF's World Economic Outlook – WEO (April 2011), and Consensus Forecasts (June 2011) – 16 Latest available forecasts.