What It Means for South America to Finally Enjoy ‘Normal Recessions’
Amid Iran-war upheaval, some emerging markets are doing just fine.
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The narrative of the private citizen who becomes alarmed at how things look upon taking power is an old one — arguably going back to when Damocles sat himself down on a Greek throne. That’s not, however, been the experience of Guillermo Tolosa.
Before he took the helm of Uruguay’s central bank last year, Tolosa, 50, worked for years at the International Monetary Fund mapping out risk scenarios across the global economy. But when he arrived at the central bank, “the reality on the ground I found to be much, much more rosy,” he says. Even amid the energy crisis brought on by the Iran war, economies in Latin America and many other emerging markets have been taking things in stride, he says.