SlideShare una empresa de Scribd logo
1 de 60
Descargar para leer sin conexión
LATIN
AMERICA
UPDATE
April 2021
www.nuricumbo.com
GLOBAL PERSPECTIVE
Issues Optimistic Neutral Pesimistic
2020 Economic Fall -4.0% -4.4% -5.0%
2021 Economic Growth 6.0% 5.6% 4.7%
Total Vaccinations
(Estimated 2021)
3,400 Million 2,800 Million 2,200 Million
% of population vaccinated
(Estimated 2021)
44% 36% 30%
Reinfections
New COVID variants do not
generate massive reinfections.
There are some reinfections with
new variants but they are not
massive.
New COVID variants prove to be
highly infectious. Available
vaccines are not effective.
Oil Price (2021) $50 $60 $80
USA - China
Despite the natural conflicts
between an emerging power and
a hegemonic power, cooperation
prevails.
"New Cold War" develops but
with different levels and
nuances.
Conflict leads to important
military clashes in the South
China Sea and fast escalation of
cyberwar.
20%
Estimated
Scenario 1
Optimistic 65%
Estimated
Scenario 2
Neutral 15%
Estimated
Scenario 3
Pesimistic
LATIN AMERICA PERSPECTIVE
Issues Optimistic Neutral Pesimistic
2020 Economic Fall -6.5% -7.7% -9.0%
2021 Economic Growth 5.2% 4.9% 3.0%
Unemployment 9.5% 10.6% 12.5%
PIB per Capita
(USD per annum)
10,000 9,000 7,000
Inequality
(Gini)
0.45 0.47 0.51
Herd Immunity Late 2022 Mid 2023 Late 2024
15%
Estimated
Scenario 1
Optimistic 60%
Estimated
Scenario 2
Neutral 25%
Estimated
Scenario 3
Pesimistic
NORTH AMERICA PERSPECTIVE
Issues Optimistic Neutral Pesimistic
2020 Economic Fall
Mexico: -7.5%
USA: -4.0%
Canada: -6.5%
Mexico: -8.5%
USA: -4.3%
Canada: -7.1%
Mexico: -10.0%
USA: -5.0%
Canada: -7.5%
2021 Economic Growth
México: 6.7%
Estados Unidos: 6.5%
Canadá: 6.4%
México: 5.0%
Estados Unidos: 5.5%
Canadá: 6.0%
México: 3.0%
Estados Unidos: 3.5%
Canadá: 3.1%
Time to Herd Immunity
México: 400 days
Estados Unidos: 80 days
Canadá: 200 days
México: 520 days
Estados Unidos: 100 days
Canadá: 250 days
México: 700 days
Estados Unidos: 120 days
Canadá: 350 days
USMCA
Alignment reached in policies,
interests and visions between
the three trading partners.
There are controversies. Some
investments are canceled but
many others go ahead.
Labor, environmental and
regulatory disputes prove
disruptive for most
investments.
Cooperation
The three governments agree on
a pragmatic agenda that seeks
to create regional prosperity.
Little progress at the regional
level. USA too busy with
domestic priorities.
Elections in Mexico and Canada
produce totally divergent views.
Canada and the USA align and
forget Mexico.
Energy Policy
Mexico’s mid-term elections
produce a more diverse political
balance that stops major policy
changes.
Mexico rectifies some of the
recent policy changes and
prevents major disputes,
although confidence is badly
damaged.
Mexico’s recent changes in
energy policies results in major
legal disputes under USMCA
rules.
20%
Estimated
Scenario 1
Optimistic 50%
Estimated
Scenario 2
Neutral 30%
Estimated
Scenario 3
Pesimistic
MEXICO PERSPECTIVE
Issues Optimistic Neutral Pesimistic
2020 Economic Fall -7.5% -8.5% -11.0%
2021 Economic Growth 6.7% 5.0% 3.0%
Interest Rate 3.25% 4.0% 5.0%
Inflation 2.8% 3.8% 4.2%
Exchange Rate
(USD/MXN)
19.0 22.0 25.0
Mid-Term Elections
Peaceful and plural elections.
Diverse Congress. More power
sharing. Institutional order
prevails.
Clean elections. Morena with no
clear majority in congress. Other
political parties win some states.
Controversial elections.
Presidential intervention.
Consolidation of Party of State.
Power concentration produces
a more radical agenda.
Pemex
Pemex without crisis. Sovereign
credit rating remains stable.
Pemex without crisis but
financial bomb keeps ticking.
Sovereign credit rating
deteriorates slightly.
Pemex becomes a major issue
and there is significant impact
on sovereign credit rating.
15%
Estimated
Scenario 1
Optimistic 50%
Estimated
Scenario 2
Neutral 35%
Estimated
Scenario 3
Pesimistic
$5.46 $5.60 $5.63
$0.00
$2.50
$5.00
$7.50
January February March
Brazil
Exchange Rates
$3,569.07 $3,620.72 $3,731.91
$0.00
$1,500.00
$3,000.00
$4,500.00
January February March
Colombia
$20.58 $20.86 $20.44
$0.00
$10.00
$20.00
$30.00
January February March
Mexico
$3.63 $3.65 $3.76
$0.00
$1.50
$3.00
$4.50
January February March
Peru
Source: Exchange Rates UK, 2021.
*USD / PEN
*USD / MXN
*USD / CLP
*USD / BRL
*USD / COP
$734.81 $723.89 $720.54
$0.00
$300.00
$600.00
$900.00
January February March
Chile
*USD / CLP
$87.30 $89.85 $91.98
$0.00
$30.00
$60.00
$90.00
$120.00
January February March
Argentina
*USD / ARS
Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2021.
36.10% 38.50% 40.70%
0.00%
15.00%
30.00%
45.00%
December January February
Argentina
Inflation Rate
4.52% 4.56%
5.20%
0.00%
1.50%
3.00%
4.50%
6.00%
November December January
Brazil
2.68% 2.40% 2.60%
0.00%
0.90%
1.80%
2.70%
3.60%
January February March
Peru
1.61% 1.60% 1.56%
0.00%
1.00%
2.00%
3.00%
December January February
Colombia
3.00% 3.10% 2.80%
0.00%
1.50%
3.00%
4.50%
December January February
Chile
3.15% 3.54% 3.76%
0.00%
1.50%
3.00%
4.50%
December January February
Mexico
$39,473 $39,718 $39,520
$0
$15,000
$30,000
$45,000
$60,000
January February March
Argentina
International Reserves
$356,004 $355,620 $355,416
$0
$120,000
$240,000
$360,000
$480,000
December January February
Brazil
$59,031 $59,001 $58,975
$0
$18,000
$36,000
$54,000
$72,000
December January February
Colombia
$38,999 $39,562 $40,723
$0
$13,000
$26,000
$39,000
$52,000
January February March
Chile
$195,946 $195,270 $194,934
$0
$60,000
$120,000
$180,000
$240,000
January February March
Mexico
$76,474 $76,029 $80,930
$0
$25,000
$50,000
$75,000
$100,000
January February March
Peru
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
*Million U.S. Dollars
Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2021.
48,257.14 48,432.27 47,982.39
0
16,000
32,000
48,000
64,000
January February March
Argentina
Capital Markets
115,067.54 110,035.17 116,633.72
0
35,000
70,000
105,000
140,000
January February March
Brazil
1,348.12 1,359.48 1,316.81
0
500
1,000
1,500
2,000
January February March
Colombia
42,985.73 44,592.91 47,246.26
0
12,000
24,000
36,000
48,000
January February March
Mexico
4,288.65 4,573.37 4,898.09
0
1,500
3,000
4,500
6,000
January February March
Chile
*IPSA:IND
*MEXBOL:IND
*SPBLPGPT:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Trading Economics, Yahoo Finance, 2021.
21,110.22 22,530.22 21,372.03
0
7,000
14,000
21,000
28,000
January February March
Peru
*SPBLPGPT:IND
Foreign Direct Investmet
$11,517 $11,873
$6,663.00
$0
$4,000
$8,000
$12,000
2017 2018 2019
Argentina
$68,885
$78,162
$69,174
$0
$30,000
$60,000
$90,000
2017 2018 2019
Brazil
$13,836
$11,535
$14,314
$0
$5,000
$10,000
$15,000
$20,000
2017 2018 2019
Colombia
$6,128 $7,323
$11,928
$0
$4,000
$8,000
$12,000
2017 2018 2019
Chile
$33,030 $37,682
$29,354
$0
$12,000
$24,000
$36,000
$48,000
2017 2018 2019
Mexico
$6,860 $6,488
$8,892
$0
$3,000
$6,000
$9,000
$12,000
2017 2018 2019
Peru
Source: The World Bank, 2021. *BoP, Million U.S. Dollars at Current Prices
Credit Ratings
Argentina
CCC
(March 9, 2021)
Source: Fitch Ratings, 2021.
Brazil
BB-
With NEGATIVE Outlook
(November 18, 2020)
Colombia
BBB-
With NEGATIVE Outlook
(November 6, 2020)
Chile
A-
With STABLE Outlook
(March 24, 2021)
Mexico
BBB-
With STABLE Outlook
(November 11, 2020)
Peru
BBB+
With NEGATIVE Outlook
(December 15, 2020)
Credit Ratings
Argentina
Ca
With STABLE Outlook
(September 28, 2020)
Source: Moody’s Investors Service, 2021.
Brazil
Ba2
With STABLE Outlook
(May 15, 2020)
Colombia
Baa2
With NEGATIVE Outlook
(December 3, 2020)
Chile
A1
With NEGATIVE Outlook
(August 25, 2020)
Mexico
Baa1
With NEGATIVE Outlook
(April 17, 2020)
Peru
A3
With STABLE Outlook
(June 25, 2019)
Credit Ratings
Argentina
CCC+
With STABLE Outlook
(September 7, 2020)
Source: Standard & Poor’s, 2021.
Brazil
BB-
With STABLE Outlook
(December 10, 2020)
Colombia
BBB-
With NEGATIVE Outlook
(October 28, 2020)
Chile
A
With STABLE Outlook
(March 24, 2021)
Mexico
BBB
With NEGATIVE Outlook
(December 3, 2020)
Peru
BBB+
With STABLE Outlook
(November 23, 2020)
Country Presidents
Argentina
President: Alberto Fernandez
Birth: April 2, 1959
In Office Since: December 10, 2019
Political Party: Frente de Todos
Brazil
President: Jair Bolsonaro
Birth: March 21, 1955
In Office Since: January 1, 2019
Political Party: PSL
Colombia
President: Ivan Duque Marquez
Birth: August 1, 1976
In Office Since: August 7, 2018
Political Party: Centro Democratico
Chile
President: Sebastian Piñera E.
Birth: December 1, 1949
In Office Since: March 11, 2018
Political Party: Independent
Mexico
President: Andres Manuel Lopez O.
Birth: November 13, 1953
In Office Since: December 1, 2018
Political Party: Morena
Peru
President: Francisco Sagasti
Birth: October 10, 1944
In Office Since: November 17, 2020
Political Party: Partido Morado
Chile will delay midterm elections due to
new spike of Coronavirus cases
Mexico June midterm elections will be a
referendum on President Lopez Obrador
Countries have taken different views
in terms of school re-openings
Colombia has issued rules to allow private sector
participation in the national vaccination program
Uruguay is suffering the worst Covid outbreak
since the start of the lockdown
Peru will elect a new president this month
El Salvador’s populist President Nayib Bukele will
have control of Congress as of May
57 Brazilians and 13 Mexicans made it to the
Forbes wealthiest list
WE ARE NURICUMBO +
PARTNERS
COMPANY
PROFIT
Our Firm at a glance
Key Facts Industries
• 50+ CONSULTANTS
• MULTIDISCIPLINARY
• BIG 4 BACKGROUND
• INTERNATIONAL
EXPOSURE
• ACTIVE ACROSS MEXICO
• ABLE TO TRAVEL
• FLEXIBILITY
• BILINGUAL / BICULTURAL
Professional
Organizations
Our Service
Portfolio
• MANUFACTURING
• FINANCIAL SERVICES
• PROFESSIONAL SERVICES
• TRADING
• RETAIL
• ADVERTISING
• EDUCATION
• PRIVATE EQUITY
• FAMILY BUSINESS
• MEXICAN INSTITUTE OF
PUBLIC ACCOUNTANTS
• MEXICO CITY ACCOUNTANCY
BOARD
• MEXICAN INSTITUTE OF
FINANCIAL EXECUTIVES
• ILLINOIS ACCOUNTANCY
BOARD
• AMERICAN CHAMBER OF
COMMERCE
• EXTERNAL AUDIT
• INTERNAL AUDIT
• PART TIME CFO’S
• INTERIM
MANAGEMENT
• FORENSIC
• TAX
• TRANSFORMATIONS
• ADVISORY BOARD
For more information: www.nuricumbo.com
BANAMEX FONATUR Y&R ZIMAT NOKIA CIT PFIZER METLIFE
LESAFFRE
PWC DELOITTE IPG BOMBARDIER BANORTE +GF+ MERLIN
KANDEO SGS
1985 1990 2000 2003 2010 2013 2014 2017 2020
Professional Careers
History
Experience as Independent Consultant Experience as Consulting Group
WE SUPPORT SENIOR MANAGEMENT IN THE
RESOLUTION OF SPECIAL OR CONFIDENTIAL
PROJECTS.
 Ideal to tackle those projects that are crucial
but sometimes difficult to deliver internally.
 Teams of highly experienced consultants.
 Our consultants have on average 20/25
years of professional experience.
 Reduced learning curve / More productivity.
 High degree of flexibility.
 Solid specialization in Finance, Audit, Tax and
Accounting.
 Big Four / Big Consulting background.
Who are we?
 Internal and External Audit.
 Special reviews (financial, process,
operational, compliance, forensic, etc.)
 Financial Due Diligence for M&A.
 Tax Compliance.
 Comisarios. Board Members. Advisory Board.
 Interim C-Level Executives (CEOs, CFOs, etc.)
 Interim Project Teams.
 Specialized Training Programs.
 Debt/Equity Solutions.
 Fintech Trusts (Fideicomisos).
How do we help some of our clients?
WHAT WE THINK
Book Review: Freakonomics
The Biden Adminstration and Mexico Trade
The Strategy in Times of Covid
2021: Year of Healing and Recovery
Winning an election does not resolve our problems
The reinvention of big global cities
Will we avoid another lost decade?
Wirecard, external audit and the public interest
OUR YOUTUBE CHANNEL
Book Review: Why Nations Fail
¿Cómo regular el outsourcing?
How to choose the right partner?
La Voz del CFO: Importancia de la tecnología
La Voz del CFO: Rompiendo paradigmas
Oportunidades Financieras para Exportadores
Vestiga Consultores: Información y pandemia
Historic Lessons of the 1918 Pandemic
Oscar Becerril: Cómo superar COVID-19
OTHER
Riesgo Global: Relación Estados Unidos - China
Ranking Empresas Zombies Mexico: Q2 2020
Mexico’s Top 25 CFO’s of 2017
¿Por qué medir la confianza económica?
Nuricumbo + Partners in the Media
LATIN AMERICA OVERVIEW
Land Area
Source: The World Bank, 2018.
2,736,690
8,358,140
1,109,500
743,532
1,943,950
1,280,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
Argentina Brazil Colombia Chile Mexico Peru
Note: Kilometers
Ease of Doing Business Index
126 124
67
59 60
76
0
20
40
60
80
100
120
140
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: 1 = Most Business-friendly Regulations
Population Growth
1.0%
0.8%
1.4%
1.2%
1.1%
1.6%
0%
1%
1%
2%
2%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Annual Percentage
Total Population
44,938.7
211,049.5
50,339.4
18,952.0
127,575.5
32,510.5
0
50,000
100,000
150,000
200,000
250,000
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Thousands; (ii) Total Inhabitants
Urban Population
92%
87%
81%
88%
80% 78%
0%
20%
40%
60%
80%
100%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of Total Population
Poverty Headcount Ratio
1.5%
4.6%
4.9%
0.3%
1.7%
2.2%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2017 - 2019.
Note: (i) At US$1.90 / Day; (ii) Percentage of Population
Exports of Goods and Services
17.4%
14.3%
15.8%
28.2%
38.8%
24.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of GDP
Foreign Direct Investment
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
6,663
69,174
14,313
11,928
29,353
8,891
Source: The World Bank, 2019.
Note: (i) Net Inflows; (ii) BoP, Current Million US$
Gross Domestic Product
$445,445.2
$1,839,758.0
$323,615.9 $282,318.2
$1,268,870.5
$226,848.1
$0
$300,000
$600,000
$900,000
$1,200,000
$1,500,000
$1,800,000
$2,100,000
$2,400,000
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Millions, Current US$
GDP Per Capita
$23,040.3
$15,300.0 $16,012.4
$27,002.3
$20,994.0
$13,416.4
$0.0
$5,000.0
$10,000.0
$15,000.0
$20,000.0
$25,000.0
$30,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) PPP; (ii) Current International $
GDP Growth
-2.1%
1.1%
3.3%
1.1%
-0.1%
2.2%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Annual Percentage
Gross Savings
15.8%
12.2%
15.7%
18.9%
23.7%
19.1%
0%
5%
10%
15%
20%
25%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of GDP
Personal Remittances
$0.0
$10,000.0
$20,000.0
$30,000.0
$40,000.0
$528.3 $3,213.6
$6,761.9
$70.0
$39,021.8
$3,326.0
Source: The World Bank, 2019.
Note: (i) Received; (ii) Millions, Current US$
Total Reserves
$44,880.6
$356,886.4
$52,652.7
$40,655.5
$183,056.1
$67,711.5
$0.0
$50,000.0
$100,000.0
$150,000.0
$200,000.0
$250,000.0
$300,000.0
$350,000.0
$400,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Includes Gold; (ii) Millions, Current US$
Revenue
18.8%
29.7%
24.2%
21.4%
18.6%
19.6%
0%
5%
10%
15%
20%
25%
30%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Excluding Grants; (ii) Percentage of GDP
Government Expenditure on Education
5.5%
6.3%
4.5%
5.4%
4.5%
3.8%
0%
2%
4%
6%
8%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2017 - 2019.
Note: Percentage of GDP
Labor Force
Source: The World Bank, 2020.
19,180.3
99,843.0
24,802.3
8,859.8
53,978.6
16,182.3
0
20,000
40,000
60,000
80,000
100,000
120,000
Argentina Brazil Colombia Chile Mexico Peru
Note: Thousands
Labor Force (Female)
43.3% 43.9% 42.7% 42.4%
38.5%
45.8%
0%
10%
20%
30%
40%
50%
60%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of Total Labor Force
Unemployment
11.7%
13.7%
15.4%
11.5%
4.7%
6.2%
0%
3%
6%
9%
12%
15%
18%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2020.
Note: (i) Percentage of Total Labor Force; (ii) Modeled ILO Estimate
Energy Use
Source: The World Bank, 2014 - 2015.
2,030
1,496
724
2,006
1,537
790
0
500
1,000
1,500
2,000
2,500
Argentina Brazil Colombia Chile Mexico Peru
Note: Kg of Oil Equivalent per Capita
Renewable Electricity Output
28.1%
74.0%
68.2%
43.6%
15.4%
52.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2015.
Note: Percentage of Total Electricity Output
Population Living in Slums
14.7%
16.3%
27.8%
8.8%
16.0%
33.1%
0%
10%
20%
30%
40%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of Urban Population
External Debt Stocks
65.3%
31.8%
44.2%
38.1%
29.7%
0%
10%
20%
30%
40%
50%
60%
70%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of GNI
Bank Capital to Assets Ratio
13.5%
10.2%
17.0%
7.5%
11.0%
12.9%
0%
3%
6%
9%
12%
15%
18%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage
Bank Nonperforming Loans
to Total Gross Loans
5.7%
3.1%
4.2%
2.1% 2.1%
3.4%
0%
1%
2%
3%
4%
5%
6%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage
Deposit Interest Rate
47.3%
5.4% 4.5%
2.5% 3.5% 3.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage
Lending Interest Rate
67.3%
37.5%
11.8%
4.2%
8.4%
14.4%
0%
10%
20%
30%
40%
50%
60%
70%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018 - 2019.
Note: Percentage
Listed Domestic Companies
Source: The World Bank, 2019.
91
324
66
203
139
196
0
50
100
150
200
250
300
350
400
Argentina Brazil Colombia Chile Mexico Peru
Note: Total
Market Capitalization of Listed Domestic
Companies
$39,393.54
$1,187,361.69
$132,040.28
$203,791.65
$413,618.82
$98,964.96
$0.0
$200,000.0
$400,000.0
$600,000.0
$800,000.0
$1,000,000.0
$1,200,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Millions; (ii) Current US$
Strength of Legal Rights Index
Source: The World Bank, 2019.
2 2
11
4
10
7
0
2
4
6
8
10
12
Argentina Brazil Colombia Chile Mexico Peru
Note: 0 = Weak to 12 = Strong
Military Expenditure
1.9%
3.9%
11.0%
7.2%
2.0%
5.4%
0%
2%
4%
6%
8%
10%
12%
14%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of General Government Expenditure
We care about your business priorities.
Let’s talk!
E-mail: contacto@nuricumbo.com
Mobile/Whatsapp: + 52 (155) 5453 6309
Skype: nuricua
Twitter: @a_nuricumbo
Office: Montes Urales 424
Lomas de Chapultepec, CDMX
Please visit our website

Más contenido relacionado

La actualidad más candente

Our Newsletter. Mexico & Latin America. August 2020.
Our Newsletter. Mexico & Latin America. August 2020.Our Newsletter. Mexico & Latin America. August 2020.
Our Newsletter. Mexico & Latin America. August 2020.Nuricumbo + Partners
 
Our Newsletter. Mexico & Latin America. June 2020.
Our Newsletter. Mexico & Latin America. June 2020.Our Newsletter. Mexico & Latin America. June 2020.
Our Newsletter. Mexico & Latin America. June 2020.Nuricumbo + Partners
 
US Economic Overview | Q3 2019
US Economic Overview | Q3 2019US Economic Overview | Q3 2019
US Economic Overview | Q3 2019Ivan Kaufman
 
Arbor U.S. Economic Overview Q1 2019
Arbor U.S. Economic Overview Q1 2019Arbor U.S. Economic Overview Q1 2019
Arbor U.S. Economic Overview Q1 2019Ivan Kaufman
 
Economy Demographics 072508
Economy Demographics 072508Economy Demographics 072508
Economy Demographics 072508plindstrom
 
Pension longevity risk
Pension longevity riskPension longevity risk
Pension longevity riskWilliam Becker
 
August 2015 - Finding the right balance for financing the economy
August 2015 - Finding the right balance for financing the economyAugust 2015 - Finding the right balance for financing the economy
August 2015 - Finding the right balance for financing the economyFGV Brazil
 
Country reports south_america_2016_crsa1601en
Country reports south_america_2016_crsa1601enCountry reports south_america_2016_crsa1601en
Country reports south_america_2016_crsa1601enEthos Media S.A.
 
Japan vs. US comparison on numerous dimensions
Japan vs. US comparison on numerous dimensionsJapan vs. US comparison on numerous dimensions
Japan vs. US comparison on numerous dimensionsGaetan Lion
 
Economics Forecast coronavirus survey 2020
Economics Forecast coronavirus  survey 2020Economics Forecast coronavirus  survey 2020
Economics Forecast coronavirus survey 2020NAHUR MELENDEZ
 
Latin America: The Long Road
Latin America: The Long RoadLatin America: The Long Road
Latin America: The Long RoadCredit Suisse
 
Why the USA is no longer AAA
Why the USA is no longer AAAWhy the USA is no longer AAA
Why the USA is no longer AAAScope Group
 
Debt, Deficits, and Demographics: Why We Can Afford the Social Contract
Debt, Deficits, and Demographics: Why We Can Afford the Social ContractDebt, Deficits, and Demographics: Why We Can Afford the Social Contract
Debt, Deficits, and Demographics: Why We Can Afford the Social ContractJesse Budlong
 
Will Stock Markets survive in 200 years?
Will Stock Markets survive in 200 years?Will Stock Markets survive in 200 years?
Will Stock Markets survive in 200 years?Gaetan Lion
 
What the Data Shows - US Foreign Assistance to Ghana
What the Data Shows - US Foreign Assistance to GhanaWhat the Data Shows - US Foreign Assistance to Ghana
What the Data Shows - US Foreign Assistance to GhanaWhitney Dubinsky
 
World Bank Data - South America Analysis
World Bank Data - South America AnalysisWorld Bank Data - South America Analysis
World Bank Data - South America AnalysisShresth Sethi
 
2020 Vancouver Strategic Outlook Presentation
2020 Vancouver Strategic Outlook Presentation2020 Vancouver Strategic Outlook Presentation
2020 Vancouver Strategic Outlook PresentationCharis Whitbourne
 
Arbor Small Multifamily Report Q1 2020
Arbor Small Multifamily Report Q1 2020Arbor Small Multifamily Report Q1 2020
Arbor Small Multifamily Report Q1 2020Ivan Kaufman
 

La actualidad más candente (20)

Our Newsletter. Mexico & Latin America. August 2020.
Our Newsletter. Mexico & Latin America. August 2020.Our Newsletter. Mexico & Latin America. August 2020.
Our Newsletter. Mexico & Latin America. August 2020.
 
Our Newsletter. Mexico & Latin America. June 2020.
Our Newsletter. Mexico & Latin America. June 2020.Our Newsletter. Mexico & Latin America. June 2020.
Our Newsletter. Mexico & Latin America. June 2020.
 
US Economic Overview | Q3 2019
US Economic Overview | Q3 2019US Economic Overview | Q3 2019
US Economic Overview | Q3 2019
 
Arbor U.S. Economic Overview Q1 2019
Arbor U.S. Economic Overview Q1 2019Arbor U.S. Economic Overview Q1 2019
Arbor U.S. Economic Overview Q1 2019
 
Economy Demographics 072508
Economy Demographics 072508Economy Demographics 072508
Economy Demographics 072508
 
Pension longevity risk
Pension longevity riskPension longevity risk
Pension longevity risk
 
August 2015 - Finding the right balance for financing the economy
August 2015 - Finding the right balance for financing the economyAugust 2015 - Finding the right balance for financing the economy
August 2015 - Finding the right balance for financing the economy
 
Country reports south_america_2016_crsa1601en
Country reports south_america_2016_crsa1601enCountry reports south_america_2016_crsa1601en
Country reports south_america_2016_crsa1601en
 
Japan vs. US comparison on numerous dimensions
Japan vs. US comparison on numerous dimensionsJapan vs. US comparison on numerous dimensions
Japan vs. US comparison on numerous dimensions
 
Economics Forecast coronavirus survey 2020
Economics Forecast coronavirus  survey 2020Economics Forecast coronavirus  survey 2020
Economics Forecast coronavirus survey 2020
 
Latin America: The Long Road
Latin America: The Long RoadLatin America: The Long Road
Latin America: The Long Road
 
Why the USA is no longer AAA
Why the USA is no longer AAAWhy the USA is no longer AAA
Why the USA is no longer AAA
 
Debt, Deficits, and Demographics: Why We Can Afford the Social Contract
Debt, Deficits, and Demographics: Why We Can Afford the Social ContractDebt, Deficits, and Demographics: Why We Can Afford the Social Contract
Debt, Deficits, and Demographics: Why We Can Afford the Social Contract
 
Will Stock Markets survive in 200 years?
Will Stock Markets survive in 200 years?Will Stock Markets survive in 200 years?
Will Stock Markets survive in 200 years?
 
What the Data Shows - US Foreign Assistance to Ghana
What the Data Shows - US Foreign Assistance to GhanaWhat the Data Shows - US Foreign Assistance to Ghana
What the Data Shows - US Foreign Assistance to Ghana
 
Economy matters june 2013
Economy matters june 2013Economy matters june 2013
Economy matters june 2013
 
Focus on Latin America (IBR 2014)
Focus on Latin America (IBR 2014)Focus on Latin America (IBR 2014)
Focus on Latin America (IBR 2014)
 
World Bank Data - South America Analysis
World Bank Data - South America AnalysisWorld Bank Data - South America Analysis
World Bank Data - South America Analysis
 
2020 Vancouver Strategic Outlook Presentation
2020 Vancouver Strategic Outlook Presentation2020 Vancouver Strategic Outlook Presentation
2020 Vancouver Strategic Outlook Presentation
 
Arbor Small Multifamily Report Q1 2020
Arbor Small Multifamily Report Q1 2020Arbor Small Multifamily Report Q1 2020
Arbor Small Multifamily Report Q1 2020
 

Similar a Our Newsletter. Mexico & Latin America. April 2021.

Considerations about Foreign Issuers
Considerations about Foreign IssuersConsiderations about Foreign Issuers
Considerations about Foreign IssuersNuricumbo + Partners
 
Colombia and latin america - The next challenges
Colombia and latin america - The next challengesColombia and latin america - The next challenges
Colombia and latin america - The next challengesAlvaro Uribe V.
 
FMB orlando presentation on economy and politics May_2021.pdf
FMB orlando presentation on economy and politics May_2021.pdfFMB orlando presentation on economy and politics May_2021.pdf
FMB orlando presentation on economy and politics May_2021.pdfJeremy Oberfeld
 
Searching for Better
Searching for BetterSearching for Better
Searching for BetterSteveG28
 
Colombia and latin america - The next challenges
Colombia and latin america - The next challengesColombia and latin america - The next challenges
Colombia and latin america - The next challengesAlvaro Uribe V.
 
Trinidad y tobago energy chamber presentación
Trinidad y tobago energy chamber presentaciónTrinidad y tobago energy chamber presentación
Trinidad y tobago energy chamber presentaciónAlvaro Uribe V.
 
Colombia and latin america - The next challenges
Colombia and latin america - The next challengesColombia and latin america - The next challenges
Colombia and latin america - The next challengesAlvaro Uribe V.
 
Federal and State Fiscal Challenges - Fix the Debt Webinar
Federal and State Fiscal Challenges - Fix the Debt WebinarFederal and State Fiscal Challenges - Fix the Debt Webinar
Federal and State Fiscal Challenges - Fix the Debt WebinarFix the Debt Campaign
 
A Better-Better
A Better-BetterA Better-Better
A Better-BetterSteveG28
 
Public opinion landscape - The Economy
Public opinion landscape - The EconomyPublic opinion landscape - The Economy
Public opinion landscape - The EconomyGloverParkGroup
 
Prepare for Our Perilous 2024 Economy: A Warning
Prepare for Our Perilous 2024 Economy: A WarningPrepare for Our Perilous 2024 Economy: A Warning
Prepare for Our Perilous 2024 Economy: A WarningRon Surz
 

Similar a Our Newsletter. Mexico & Latin America. April 2021. (20)

Mexico KPIs – January 2019
Mexico KPIs – January 2019Mexico KPIs – January 2019
Mexico KPIs – January 2019
 
Mexico KPIs – April 2019
Mexico KPIs – April 2019Mexico KPIs – April 2019
Mexico KPIs – April 2019
 
Mexico KPIs – March 2019
Mexico KPIs – March 2019Mexico KPIs – March 2019
Mexico KPIs – March 2019
 
Mexico KPIs – July 2019
Mexico KPIs – July 2019Mexico KPIs – July 2019
Mexico KPIs – July 2019
 
Considerations about Foreign Issuers
Considerations about Foreign IssuersConsiderations about Foreign Issuers
Considerations about Foreign Issuers
 
Colombia and latin america - The next challenges
Colombia and latin america - The next challengesColombia and latin america - The next challenges
Colombia and latin america - The next challenges
 
FMB orlando presentation on economy and politics May_2021.pdf
FMB orlando presentation on economy and politics May_2021.pdfFMB orlando presentation on economy and politics May_2021.pdf
FMB orlando presentation on economy and politics May_2021.pdf
 
Searching for Better
Searching for BetterSearching for Better
Searching for Better
 
Colombia and latin america - The next challenges
Colombia and latin america - The next challengesColombia and latin america - The next challenges
Colombia and latin america - The next challenges
 
Trinidad y tobago energy chamber presentación
Trinidad y tobago energy chamber presentaciónTrinidad y tobago energy chamber presentación
Trinidad y tobago energy chamber presentación
 
Colombia and latin america - The next challenges
Colombia and latin america - The next challengesColombia and latin america - The next challenges
Colombia and latin america - The next challenges
 
The Value of Nothing
The Value of NothingThe Value of Nothing
The Value of Nothing
 
Federal and State Fiscal Challenges - Fix the Debt Webinar
Federal and State Fiscal Challenges - Fix the Debt WebinarFederal and State Fiscal Challenges - Fix the Debt Webinar
Federal and State Fiscal Challenges - Fix the Debt Webinar
 
Mexico Health Reform
Mexico Health ReformMexico Health Reform
Mexico Health Reform
 
Annual Gallup Well-Being Index Update with Dan Witters
Annual Gallup Well-Being Index Update with Dan WittersAnnual Gallup Well-Being Index Update with Dan Witters
Annual Gallup Well-Being Index Update with Dan Witters
 
A Better-Better
A Better-BetterA Better-Better
A Better-Better
 
2024 Residential Market Update Slides - Dr. Von Nessen
2024 Residential Market Update Slides - Dr. Von Nessen2024 Residential Market Update Slides - Dr. Von Nessen
2024 Residential Market Update Slides - Dr. Von Nessen
 
Public opinion landscape - The Economy
Public opinion landscape - The EconomyPublic opinion landscape - The Economy
Public opinion landscape - The Economy
 
Mexico KPIs – June 2019
Mexico KPIs – June 2019Mexico KPIs – June 2019
Mexico KPIs – June 2019
 
Prepare for Our Perilous 2024 Economy: A Warning
Prepare for Our Perilous 2024 Economy: A WarningPrepare for Our Perilous 2024 Economy: A Warning
Prepare for Our Perilous 2024 Economy: A Warning
 

Más de Nuricumbo + Partners

Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Our Newsletter. Mexico & Latin America. February 2021.
Our Newsletter. Mexico & Latin America. February 2021.Our Newsletter. Mexico & Latin America. February 2021.
Our Newsletter. Mexico & Latin America. February 2021.Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Our Newsletter. Mexico & Latin America. January 2021.
Our Newsletter. Mexico & Latin America. January 2021.Our Newsletter. Mexico & Latin America. January 2021.
Our Newsletter. Mexico & Latin America. January 2021.Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Our Newsletter. Mexico & Latin America. December 2020.
Our Newsletter. Mexico & Latin America. December 2020.Our Newsletter. Mexico & Latin America. December 2020.
Our Newsletter. Mexico & Latin America. December 2020.Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Our Newsletter. Mexico & Latin America. November 2020.
Our Newsletter. Mexico & Latin America. November 2020.Our Newsletter. Mexico & Latin America. November 2020.
Our Newsletter. Mexico & Latin America. November 2020.Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Nuricumbo + Partners
 

Más de Nuricumbo + Partners (20)

Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Our Consultants. February 2021.
Our Consultants. February 2021.Our Consultants. February 2021.
Our Consultants. February 2021.
 
Our Newsletter. Mexico & Latin America. February 2021.
Our Newsletter. Mexico & Latin America. February 2021.Our Newsletter. Mexico & Latin America. February 2021.
Our Newsletter. Mexico & Latin America. February 2021.
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Our Newsletter. Mexico & Latin America. January 2021.
Our Newsletter. Mexico & Latin America. January 2021.Our Newsletter. Mexico & Latin America. January 2021.
Our Newsletter. Mexico & Latin America. January 2021.
 
Our Consultants. January 2021.
Our Consultants. January 2021.Our Consultants. January 2021.
Our Consultants. January 2021.
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Our Newsletter. Mexico & Latin America. December 2020.
Our Newsletter. Mexico & Latin America. December 2020.Our Newsletter. Mexico & Latin America. December 2020.
Our Newsletter. Mexico & Latin America. December 2020.
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Our Newsletter. Mexico & Latin America. November 2020.
Our Newsletter. Mexico & Latin America. November 2020.Our Newsletter. Mexico & Latin America. November 2020.
Our Newsletter. Mexico & Latin America. November 2020.
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
Encuesta Global de Resiliencia de Negocios. Global Business Resilience Survey...
 

Último

0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdfRenandantas16
 
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...lizamodels9
 
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756dollysharma2066
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageMatteo Carbone
 
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...lizamodels9
 
Value Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and painsValue Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and painsP&CO
 
HONOR Veterans Event Keynote by Michael Hawkins
HONOR Veterans Event Keynote by Michael HawkinsHONOR Veterans Event Keynote by Michael Hawkins
HONOR Veterans Event Keynote by Michael HawkinsMichael W. Hawkins
 
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdfDr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdfAdmir Softic
 
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...Any kyc Account
 
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesMysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesDipal Arora
 
Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...Roland Driesen
 
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors DataRSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors DataExhibitors Data
 
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis:  Simple Linear Regression Multiple Linear RegressionRegression analysis:  Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear RegressionRavindra Nath Shukla
 
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRLMONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRLSeo
 
It will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayIt will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayNZSG
 
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case studyThe Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case studyEthan lee
 
Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116  - With room ServiceCall Girls in Gomti Nagar - 7388211116  - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Servicediscovermytutordmt
 
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Dipal Arora
 
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableDipal Arora
 

Último (20)

0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
 
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
 
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Majnu Ka Tilla, Delhi Contact Us 8377877756
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usage
 
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
 
Value Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and painsValue Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and pains
 
HONOR Veterans Event Keynote by Michael Hawkins
HONOR Veterans Event Keynote by Michael HawkinsHONOR Veterans Event Keynote by Michael Hawkins
HONOR Veterans Event Keynote by Michael Hawkins
 
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdfDr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
 
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
 
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesMysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
 
Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...
 
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors DataRSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors Data
 
Mifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pills
Mifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pillsMifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pills
Mifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pills
 
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis:  Simple Linear Regression Multiple Linear RegressionRegression analysis:  Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear Regression
 
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRLMONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
 
It will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayIt will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 May
 
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case studyThe Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
 
Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116  - With room ServiceCall Girls in Gomti Nagar - 7388211116  - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Service
 
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
 
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
 

Our Newsletter. Mexico & Latin America. April 2021.

  • 2. GLOBAL PERSPECTIVE Issues Optimistic Neutral Pesimistic 2020 Economic Fall -4.0% -4.4% -5.0% 2021 Economic Growth 6.0% 5.6% 4.7% Total Vaccinations (Estimated 2021) 3,400 Million 2,800 Million 2,200 Million % of population vaccinated (Estimated 2021) 44% 36% 30% Reinfections New COVID variants do not generate massive reinfections. There are some reinfections with new variants but they are not massive. New COVID variants prove to be highly infectious. Available vaccines are not effective. Oil Price (2021) $50 $60 $80 USA - China Despite the natural conflicts between an emerging power and a hegemonic power, cooperation prevails. "New Cold War" develops but with different levels and nuances. Conflict leads to important military clashes in the South China Sea and fast escalation of cyberwar. 20% Estimated Scenario 1 Optimistic 65% Estimated Scenario 2 Neutral 15% Estimated Scenario 3 Pesimistic
  • 3. LATIN AMERICA PERSPECTIVE Issues Optimistic Neutral Pesimistic 2020 Economic Fall -6.5% -7.7% -9.0% 2021 Economic Growth 5.2% 4.9% 3.0% Unemployment 9.5% 10.6% 12.5% PIB per Capita (USD per annum) 10,000 9,000 7,000 Inequality (Gini) 0.45 0.47 0.51 Herd Immunity Late 2022 Mid 2023 Late 2024 15% Estimated Scenario 1 Optimistic 60% Estimated Scenario 2 Neutral 25% Estimated Scenario 3 Pesimistic
  • 4. NORTH AMERICA PERSPECTIVE Issues Optimistic Neutral Pesimistic 2020 Economic Fall Mexico: -7.5% USA: -4.0% Canada: -6.5% Mexico: -8.5% USA: -4.3% Canada: -7.1% Mexico: -10.0% USA: -5.0% Canada: -7.5% 2021 Economic Growth México: 6.7% Estados Unidos: 6.5% Canadá: 6.4% México: 5.0% Estados Unidos: 5.5% Canadá: 6.0% México: 3.0% Estados Unidos: 3.5% Canadá: 3.1% Time to Herd Immunity México: 400 days Estados Unidos: 80 days Canadá: 200 days México: 520 days Estados Unidos: 100 days Canadá: 250 days México: 700 days Estados Unidos: 120 days Canadá: 350 days USMCA Alignment reached in policies, interests and visions between the three trading partners. There are controversies. Some investments are canceled but many others go ahead. Labor, environmental and regulatory disputes prove disruptive for most investments. Cooperation The three governments agree on a pragmatic agenda that seeks to create regional prosperity. Little progress at the regional level. USA too busy with domestic priorities. Elections in Mexico and Canada produce totally divergent views. Canada and the USA align and forget Mexico. Energy Policy Mexico’s mid-term elections produce a more diverse political balance that stops major policy changes. Mexico rectifies some of the recent policy changes and prevents major disputes, although confidence is badly damaged. Mexico’s recent changes in energy policies results in major legal disputes under USMCA rules. 20% Estimated Scenario 1 Optimistic 50% Estimated Scenario 2 Neutral 30% Estimated Scenario 3 Pesimistic
  • 5. MEXICO PERSPECTIVE Issues Optimistic Neutral Pesimistic 2020 Economic Fall -7.5% -8.5% -11.0% 2021 Economic Growth 6.7% 5.0% 3.0% Interest Rate 3.25% 4.0% 5.0% Inflation 2.8% 3.8% 4.2% Exchange Rate (USD/MXN) 19.0 22.0 25.0 Mid-Term Elections Peaceful and plural elections. Diverse Congress. More power sharing. Institutional order prevails. Clean elections. Morena with no clear majority in congress. Other political parties win some states. Controversial elections. Presidential intervention. Consolidation of Party of State. Power concentration produces a more radical agenda. Pemex Pemex without crisis. Sovereign credit rating remains stable. Pemex without crisis but financial bomb keeps ticking. Sovereign credit rating deteriorates slightly. Pemex becomes a major issue and there is significant impact on sovereign credit rating. 15% Estimated Scenario 1 Optimistic 50% Estimated Scenario 2 Neutral 35% Estimated Scenario 3 Pesimistic
  • 6. $5.46 $5.60 $5.63 $0.00 $2.50 $5.00 $7.50 January February March Brazil Exchange Rates $3,569.07 $3,620.72 $3,731.91 $0.00 $1,500.00 $3,000.00 $4,500.00 January February March Colombia $20.58 $20.86 $20.44 $0.00 $10.00 $20.00 $30.00 January February March Mexico $3.63 $3.65 $3.76 $0.00 $1.50 $3.00 $4.50 January February March Peru Source: Exchange Rates UK, 2021. *USD / PEN *USD / MXN *USD / CLP *USD / BRL *USD / COP $734.81 $723.89 $720.54 $0.00 $300.00 $600.00 $900.00 January February March Chile *USD / CLP $87.30 $89.85 $91.98 $0.00 $30.00 $60.00 $90.00 $120.00 January February March Argentina *USD / ARS
  • 7. Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2021. 36.10% 38.50% 40.70% 0.00% 15.00% 30.00% 45.00% December January February Argentina Inflation Rate 4.52% 4.56% 5.20% 0.00% 1.50% 3.00% 4.50% 6.00% November December January Brazil 2.68% 2.40% 2.60% 0.00% 0.90% 1.80% 2.70% 3.60% January February March Peru 1.61% 1.60% 1.56% 0.00% 1.00% 2.00% 3.00% December January February Colombia 3.00% 3.10% 2.80% 0.00% 1.50% 3.00% 4.50% December January February Chile 3.15% 3.54% 3.76% 0.00% 1.50% 3.00% 4.50% December January February Mexico
  • 8. $39,473 $39,718 $39,520 $0 $15,000 $30,000 $45,000 $60,000 January February March Argentina International Reserves $356,004 $355,620 $355,416 $0 $120,000 $240,000 $360,000 $480,000 December January February Brazil $59,031 $59,001 $58,975 $0 $18,000 $36,000 $54,000 $72,000 December January February Colombia $38,999 $39,562 $40,723 $0 $13,000 $26,000 $39,000 $52,000 January February March Chile $195,946 $195,270 $194,934 $0 $60,000 $120,000 $180,000 $240,000 January February March Mexico $76,474 $76,029 $80,930 $0 $25,000 $50,000 $75,000 $100,000 January February March Peru *Million U.S. Dollars *Million U.S. Dollars *Million U.S. Dollars *Million U.S. Dollars *Million U.S. Dollars *Million U.S. Dollars Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2021.
  • 9. 48,257.14 48,432.27 47,982.39 0 16,000 32,000 48,000 64,000 January February March Argentina Capital Markets 115,067.54 110,035.17 116,633.72 0 35,000 70,000 105,000 140,000 January February March Brazil 1,348.12 1,359.48 1,316.81 0 500 1,000 1,500 2,000 January February March Colombia 42,985.73 44,592.91 47,246.26 0 12,000 24,000 36,000 48,000 January February March Mexico 4,288.65 4,573.37 4,898.09 0 1,500 3,000 4,500 6,000 January February March Chile *IPSA:IND *MEXBOL:IND *SPBLPGPT:IND *MERVAL:IND *IBOV:IND *COLCAP:IND Source: Trading Economics, Yahoo Finance, 2021. 21,110.22 22,530.22 21,372.03 0 7,000 14,000 21,000 28,000 January February March Peru *SPBLPGPT:IND
  • 10. Foreign Direct Investmet $11,517 $11,873 $6,663.00 $0 $4,000 $8,000 $12,000 2017 2018 2019 Argentina $68,885 $78,162 $69,174 $0 $30,000 $60,000 $90,000 2017 2018 2019 Brazil $13,836 $11,535 $14,314 $0 $5,000 $10,000 $15,000 $20,000 2017 2018 2019 Colombia $6,128 $7,323 $11,928 $0 $4,000 $8,000 $12,000 2017 2018 2019 Chile $33,030 $37,682 $29,354 $0 $12,000 $24,000 $36,000 $48,000 2017 2018 2019 Mexico $6,860 $6,488 $8,892 $0 $3,000 $6,000 $9,000 $12,000 2017 2018 2019 Peru Source: The World Bank, 2021. *BoP, Million U.S. Dollars at Current Prices
  • 11. Credit Ratings Argentina CCC (March 9, 2021) Source: Fitch Ratings, 2021. Brazil BB- With NEGATIVE Outlook (November 18, 2020) Colombia BBB- With NEGATIVE Outlook (November 6, 2020) Chile A- With STABLE Outlook (March 24, 2021) Mexico BBB- With STABLE Outlook (November 11, 2020) Peru BBB+ With NEGATIVE Outlook (December 15, 2020)
  • 12. Credit Ratings Argentina Ca With STABLE Outlook (September 28, 2020) Source: Moody’s Investors Service, 2021. Brazil Ba2 With STABLE Outlook (May 15, 2020) Colombia Baa2 With NEGATIVE Outlook (December 3, 2020) Chile A1 With NEGATIVE Outlook (August 25, 2020) Mexico Baa1 With NEGATIVE Outlook (April 17, 2020) Peru A3 With STABLE Outlook (June 25, 2019)
  • 13. Credit Ratings Argentina CCC+ With STABLE Outlook (September 7, 2020) Source: Standard & Poor’s, 2021. Brazil BB- With STABLE Outlook (December 10, 2020) Colombia BBB- With NEGATIVE Outlook (October 28, 2020) Chile A With STABLE Outlook (March 24, 2021) Mexico BBB With NEGATIVE Outlook (December 3, 2020) Peru BBB+ With STABLE Outlook (November 23, 2020)
  • 14. Country Presidents Argentina President: Alberto Fernandez Birth: April 2, 1959 In Office Since: December 10, 2019 Political Party: Frente de Todos Brazil President: Jair Bolsonaro Birth: March 21, 1955 In Office Since: January 1, 2019 Political Party: PSL Colombia President: Ivan Duque Marquez Birth: August 1, 1976 In Office Since: August 7, 2018 Political Party: Centro Democratico Chile President: Sebastian Piñera E. Birth: December 1, 1949 In Office Since: March 11, 2018 Political Party: Independent Mexico President: Andres Manuel Lopez O. Birth: November 13, 1953 In Office Since: December 1, 2018 Political Party: Morena Peru President: Francisco Sagasti Birth: October 10, 1944 In Office Since: November 17, 2020 Political Party: Partido Morado
  • 15. Chile will delay midterm elections due to new spike of Coronavirus cases
  • 16. Mexico June midterm elections will be a referendum on President Lopez Obrador
  • 17. Countries have taken different views in terms of school re-openings
  • 18. Colombia has issued rules to allow private sector participation in the national vaccination program
  • 19. Uruguay is suffering the worst Covid outbreak since the start of the lockdown
  • 20. Peru will elect a new president this month
  • 21. El Salvador’s populist President Nayib Bukele will have control of Congress as of May
  • 22. 57 Brazilians and 13 Mexicans made it to the Forbes wealthiest list
  • 23. WE ARE NURICUMBO + PARTNERS
  • 24. COMPANY PROFIT Our Firm at a glance Key Facts Industries • 50+ CONSULTANTS • MULTIDISCIPLINARY • BIG 4 BACKGROUND • INTERNATIONAL EXPOSURE • ACTIVE ACROSS MEXICO • ABLE TO TRAVEL • FLEXIBILITY • BILINGUAL / BICULTURAL Professional Organizations Our Service Portfolio • MANUFACTURING • FINANCIAL SERVICES • PROFESSIONAL SERVICES • TRADING • RETAIL • ADVERTISING • EDUCATION • PRIVATE EQUITY • FAMILY BUSINESS • MEXICAN INSTITUTE OF PUBLIC ACCOUNTANTS • MEXICO CITY ACCOUNTANCY BOARD • MEXICAN INSTITUTE OF FINANCIAL EXECUTIVES • ILLINOIS ACCOUNTANCY BOARD • AMERICAN CHAMBER OF COMMERCE • EXTERNAL AUDIT • INTERNAL AUDIT • PART TIME CFO’S • INTERIM MANAGEMENT • FORENSIC • TAX • TRANSFORMATIONS • ADVISORY BOARD For more information: www.nuricumbo.com BANAMEX FONATUR Y&R ZIMAT NOKIA CIT PFIZER METLIFE LESAFFRE PWC DELOITTE IPG BOMBARDIER BANORTE +GF+ MERLIN KANDEO SGS 1985 1990 2000 2003 2010 2013 2014 2017 2020 Professional Careers History Experience as Independent Consultant Experience as Consulting Group
  • 25. WE SUPPORT SENIOR MANAGEMENT IN THE RESOLUTION OF SPECIAL OR CONFIDENTIAL PROJECTS.  Ideal to tackle those projects that are crucial but sometimes difficult to deliver internally.  Teams of highly experienced consultants.  Our consultants have on average 20/25 years of professional experience.  Reduced learning curve / More productivity.  High degree of flexibility.  Solid specialization in Finance, Audit, Tax and Accounting.  Big Four / Big Consulting background. Who are we?
  • 26.  Internal and External Audit.  Special reviews (financial, process, operational, compliance, forensic, etc.)  Financial Due Diligence for M&A.  Tax Compliance.  Comisarios. Board Members. Advisory Board.  Interim C-Level Executives (CEOs, CFOs, etc.)  Interim Project Teams.  Specialized Training Programs.  Debt/Equity Solutions.  Fintech Trusts (Fideicomisos). How do we help some of our clients?
  • 27. WHAT WE THINK Book Review: Freakonomics The Biden Adminstration and Mexico Trade The Strategy in Times of Covid 2021: Year of Healing and Recovery Winning an election does not resolve our problems The reinvention of big global cities Will we avoid another lost decade? Wirecard, external audit and the public interest OUR YOUTUBE CHANNEL Book Review: Why Nations Fail ¿Cómo regular el outsourcing? How to choose the right partner? La Voz del CFO: Importancia de la tecnología La Voz del CFO: Rompiendo paradigmas Oportunidades Financieras para Exportadores Vestiga Consultores: Información y pandemia Historic Lessons of the 1918 Pandemic Oscar Becerril: Cómo superar COVID-19 OTHER Riesgo Global: Relación Estados Unidos - China Ranking Empresas Zombies Mexico: Q2 2020 Mexico’s Top 25 CFO’s of 2017 ¿Por qué medir la confianza económica? Nuricumbo + Partners in the Media
  • 29. Land Area Source: The World Bank, 2018. 2,736,690 8,358,140 1,109,500 743,532 1,943,950 1,280,000 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 Argentina Brazil Colombia Chile Mexico Peru Note: Kilometers
  • 30. Ease of Doing Business Index 126 124 67 59 60 76 0 20 40 60 80 100 120 140 Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: 1 = Most Business-friendly Regulations
  • 31. Population Growth 1.0% 0.8% 1.4% 1.2% 1.1% 1.6% 0% 1% 1% 2% 2% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Annual Percentage
  • 32. Total Population 44,938.7 211,049.5 50,339.4 18,952.0 127,575.5 32,510.5 0 50,000 100,000 150,000 200,000 250,000 Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: (i) Thousands; (ii) Total Inhabitants
  • 33. Urban Population 92% 87% 81% 88% 80% 78% 0% 20% 40% 60% 80% 100% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage of Total Population
  • 34. Poverty Headcount Ratio 1.5% 4.6% 4.9% 0.3% 1.7% 2.2% 0% 1% 2% 3% 4% 5% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2017 - 2019. Note: (i) At US$1.90 / Day; (ii) Percentage of Population
  • 35. Exports of Goods and Services 17.4% 14.3% 15.8% 28.2% 38.8% 24.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage of GDP
  • 37. Gross Domestic Product $445,445.2 $1,839,758.0 $323,615.9 $282,318.2 $1,268,870.5 $226,848.1 $0 $300,000 $600,000 $900,000 $1,200,000 $1,500,000 $1,800,000 $2,100,000 $2,400,000 Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Millions, Current US$
  • 38. GDP Per Capita $23,040.3 $15,300.0 $16,012.4 $27,002.3 $20,994.0 $13,416.4 $0.0 $5,000.0 $10,000.0 $15,000.0 $20,000.0 $25,000.0 $30,000.0 Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: (i) PPP; (ii) Current International $
  • 39. GDP Growth -2.1% 1.1% 3.3% 1.1% -0.1% 2.2% -3% -2% -1% 0% 1% 2% 3% 4% 5% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Annual Percentage
  • 40. Gross Savings 15.8% 12.2% 15.7% 18.9% 23.7% 19.1% 0% 5% 10% 15% 20% 25% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage of GDP
  • 43. Revenue 18.8% 29.7% 24.2% 21.4% 18.6% 19.6% 0% 5% 10% 15% 20% 25% 30% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: (i) Excluding Grants; (ii) Percentage of GDP
  • 44. Government Expenditure on Education 5.5% 6.3% 4.5% 5.4% 4.5% 3.8% 0% 2% 4% 6% 8% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2017 - 2019. Note: Percentage of GDP
  • 45. Labor Force Source: The World Bank, 2020. 19,180.3 99,843.0 24,802.3 8,859.8 53,978.6 16,182.3 0 20,000 40,000 60,000 80,000 100,000 120,000 Argentina Brazil Colombia Chile Mexico Peru Note: Thousands
  • 46. Labor Force (Female) 43.3% 43.9% 42.7% 42.4% 38.5% 45.8% 0% 10% 20% 30% 40% 50% 60% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage of Total Labor Force
  • 47. Unemployment 11.7% 13.7% 15.4% 11.5% 4.7% 6.2% 0% 3% 6% 9% 12% 15% 18% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2020. Note: (i) Percentage of Total Labor Force; (ii) Modeled ILO Estimate
  • 48. Energy Use Source: The World Bank, 2014 - 2015. 2,030 1,496 724 2,006 1,537 790 0 500 1,000 1,500 2,000 2,500 Argentina Brazil Colombia Chile Mexico Peru Note: Kg of Oil Equivalent per Capita
  • 49. Renewable Electricity Output 28.1% 74.0% 68.2% 43.6% 15.4% 52.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2015. Note: Percentage of Total Electricity Output
  • 50. Population Living in Slums 14.7% 16.3% 27.8% 8.8% 16.0% 33.1% 0% 10% 20% 30% 40% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2018. Note: Percentage of Urban Population
  • 51. External Debt Stocks 65.3% 31.8% 44.2% 38.1% 29.7% 0% 10% 20% 30% 40% 50% 60% 70% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage of GNI
  • 52. Bank Capital to Assets Ratio 13.5% 10.2% 17.0% 7.5% 11.0% 12.9% 0% 3% 6% 9% 12% 15% 18% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage
  • 53. Bank Nonperforming Loans to Total Gross Loans 5.7% 3.1% 4.2% 2.1% 2.1% 3.4% 0% 1% 2% 3% 4% 5% 6% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage
  • 54. Deposit Interest Rate 47.3% 5.4% 4.5% 2.5% 3.5% 3.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage
  • 55. Lending Interest Rate 67.3% 37.5% 11.8% 4.2% 8.4% 14.4% 0% 10% 20% 30% 40% 50% 60% 70% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2018 - 2019. Note: Percentage
  • 56. Listed Domestic Companies Source: The World Bank, 2019. 91 324 66 203 139 196 0 50 100 150 200 250 300 350 400 Argentina Brazil Colombia Chile Mexico Peru Note: Total
  • 57. Market Capitalization of Listed Domestic Companies $39,393.54 $1,187,361.69 $132,040.28 $203,791.65 $413,618.82 $98,964.96 $0.0 $200,000.0 $400,000.0 $600,000.0 $800,000.0 $1,000,000.0 $1,200,000.0 Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: (i) Millions; (ii) Current US$
  • 58. Strength of Legal Rights Index Source: The World Bank, 2019. 2 2 11 4 10 7 0 2 4 6 8 10 12 Argentina Brazil Colombia Chile Mexico Peru Note: 0 = Weak to 12 = Strong
  • 59. Military Expenditure 1.9% 3.9% 11.0% 7.2% 2.0% 5.4% 0% 2% 4% 6% 8% 10% 12% 14% Argentina Brazil Colombia Chile Mexico Peru Source: The World Bank, 2019. Note: Percentage of General Government Expenditure
  • 60. We care about your business priorities. Let’s talk! E-mail: contacto@nuricumbo.com Mobile/Whatsapp: + 52 (155) 5453 6309 Skype: nuricua Twitter: @a_nuricumbo Office: Montes Urales 424 Lomas de Chapultepec, CDMX Please visit our website