Argentina represents the most challenging case analyzed in this six-part series. Decades of government intervention and fiscal instability made it one of the most costly places in Latin America to invest, and recurring political crises exacerbated the problem. Investors demanded high returns because experience had taught them that the rules could change without warning. Contracts could be modified, or a new economic policy could replace the previous one overnight.

As Colombians head toward the second round of the presidential election on June 21, the country’s increasingly severe fiscal crisis has taken center stage in the campaign.

Paraguay has entered a new economic phase. After years of sound macroeconomic management and strong agricultural exports, the country now has the opportunity to move from stability to transformation.

The renewed international debate over the Panama Canal has brought to light something deeper than a mere dispute over sovereignty. It has shown just how much Panama’s prosperity depends on institutional credibility and how urgent it is for the country to strengthen the foundations of its free-enterprise model before external pressures put it to an even greater test.

When Yamandú Orsi took office in March 2025, returning the Frente Amplio to power after five years in the opposition, Latin American investors were watching closely. Uruguay’s sovereign debt spreads remained stable. The investment-grade ratings assigned by the major agencies remained unchanged. By regional standards, the transition was uneventful. And that is precisely the point.