Dr. Leonel Fernández: China’s Economic Slowdown Could Be Leveraged by Latin America

The President of Global Foundation for Democracy and Development (GFDD) and Fundación Global Democracia y Desarrollo (Funglode), former Dominican Republic president, Dr. Leonel Fernández said on Thursday that the slowdown in the Chinese economy could pose an opportunity for Latin American and Caribbean countries, many of which are now facing serious difficulties following several years of economic bonanza.

The comments from the former Dominican Head of
State came during a panel held as part of the World Economic Forum on Latin America that began this Thursday in Medellin, Colombia’s second most important city.

Expounding on his statements, Fernández stressed that the Chinese deceleration could prompt a shakeup in manufacturing toward Latin America and the Caribbean, as well as strategic alliances aimed at reactivating the economy and accelerating development in the region.

Alongside Fernández, the expert panel included former presidents Felipe González of Spain and Ernesto Samper of Colombia, as well as executive vice-president of Itaú Unibanco Brasil, Ricardo Villela.

The Forum was organized precisely with the aim of suggesting ideas to restart growth in the Latin America and the Caribbean region, whose economy will contract 0.5% this
year, according to the International Monetary Fund.

During the panel, Fernández and the other speakers reviewed the current situation in Latin America, touching on aspects related to the economy, politics, and future prospects, with particular emphasis on the political crises rocking Brazil and Venezuela.

With regard to Venezuela, where alongside other former heads of state he is assisting in mediating dialogues between the government and the
opposition, Fernández noted that one of the positives is that despite the crisis, the South American country has not failed to honor a single obligation in the international financial markets. He stressed that allowing Venezuela access to lines of credit in the international financial markets will provide an essential boost in bringing it out of it crisis.

The Forum, which concludes on Friday, offers an opportunity to present new paths and growth alternatives to reduce
the dependency of
Latin America and the Caribbean on raw materials.

Related link: http://leonelfernandez.com/noticias/