LatAm Corporate Capex To Trend Upward, Despite Regional Challenges

Latin American non-financial corporates significantly reduced capex in 2020 as the financial effects of the coronavirus pandemic motivated issuers to boost liquidity. Aggregate capex across roughly 200 cross-border issuers in the region declined 26% to $84.8 billion, as revenue fell 15% to $870.2 billion. Aggregate capex/revenue fell to 9.7% from 11.2% illustrating the conservative stance of issuers at the pandemic’s onset. However, these pandemic-driven reductions are reversing in 2021, with voluntary moratoriums on growth projects being lifted. The reversal is proceeding despite mixed vaccination progress (ranging between 30% in Peru and 74% in Chile as of Sept. 25) and pockets of political uncertainty across the region. Economic growth, improved cash flow, better balance sheets and capital market access support increased […]

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The global tourism industry is set to reach, and possibly surpass, pre-pandemic levels by the end of 2024, according to the World Economic Forum (WEF). Five years post-COVID-19, the sector is experiencing a robust resurgence driven by a surge in international travel, improved air connectivity, and strong rebounds in key regions. However, global dynamics must be managed carefully to ensure stable and continuous growth. In 2023, international tourism reached 88% of its 2019 levels, a significant recovery favored by the reopening of Asian markets, as highlighted by the United Nations World Tourism Organization (UNWTO). The Middle East led the way, surpassing pre-pandemic levels by around 20%, with Europe, the Americas, and Africa following close behind at approximately 90% of their […]