More must be done if near-shoring is to reach its potential to become a new glue of inter-American relations. Both the Latin American and Caribbean governments grouped in APEP, and the United States, must marshal the political will and financial resources to seize this moment of opportunity in regional development.
Suriname’s prospects of becoming a petrostate improved considerably in September 2023, when France’s TotalEnergies announced that it is commencing studies for developing a USD 9 billion oil and gas project for the Caribbean country’s offshore fields. This project is expected to revitalize the country’s deeply challenged economy and radically reduce poverty. Yet Suriname, like many of its neighbors in the Caribbean and Latin America, faces climate change challenges and is seeking to transition from a dependence on fossil fuels to renewables.
Experts predict the Yucatan is 15 years away from experiencing a water crisis. These predictions do not account for the Maya Train.
A Milei presidency holds the promise of ushering in substantial and disruptive changes to Argentina’s political and economic landscape. Its disruptive nature is already evident in its ability to challenge the dominance of the polarizing Juntos and Kirchnerist coalitions, which have controlled the political spectrum for the past decade.
Given Petrobras’ high profile in the energy sector with proven expertise in low-carbon emission technologies, such as hydropower and biofuel, taking the discussed steps could secure Brazil as a hemispheric leader in green energy and the decarbonization transitions.
Russia underwent considerable political upheaval in late June 2023 as the Yevgeny Prigozhin’s Wagner Group briefly threatened President Vladimir Putin’s hold on power… Russian relations between Russia and Latin America are a marriage of convenience. Both sides need and want a diversified set of trade relations, share an interest in advancing some type of multipolar global order, and have a complicated relationship with the United States.
China’s expanding presence, particularly in South America, raises concerns as China strengthens ties and influence through financial dependence, investments in critical minerals, vaccine diplomacy (especially during the COVID-19 pandemic), and cultural propaganda. By strategically increasing its involvement, China could hinder the United States’ ability to project influence in the region.
In a global economy shaped by inflationary trends, energy shortages, and market instability, Lula’s domestic success will depend to a significant degree on his international achievements. While Bolsonaro obscured the relevance of country in the global arena, Lula expanded Brazil’s presence in the early 2000s by enlarging the list of economic partner and diversifying strategic partnerships, particularly in the global South.
Colombian President Gustavo Petro introduced a new element of political risk into investment decision-making for institutional investors and other funds. The myriad of social reforms the government seeks to pass… have made Colombia too risky for some investors. However, while traditional investors are put off, other investors—including those with questionable practices in their home countries and with a greater appetite for risk—now see Colombia as a more attractive destination for their capital, as it can bring along high rewards.
Worrell’s Development Stabilization in Small Open Economies is highly recommended not only for Caribbeanists, but also those interested in challenges faced by small open economies, students, and policymakers—including those in multinational organizations.
