BNPP Fortis’ Gijsels says the future is Latin American
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BNPP Fortis’ Gijsels says the future is Latin American


The region’s tough economic history, coupled with its strength in soft and hard commodities, makes it best positioned to tackle today’s challenges.

“Latin American countries are experienced with inflation – even hyper-inflation – and that is in the DNA of the people,” Philippe Gijsels, chief strategy officer at BNP Paribas Fortis tells Euromoney. “We are coming out of a world [in developed markets] that, since 1982, inflation has been falling until it was almost non-existent. These people have never experienced an inflationary cycle – it’s something completely new – so it is a mental and philosophical advantage to be operating in a world that’s had experience of inflation.”

Gijsels has partnered with the bank’s chief economist Koen De Leus on a recently published book called 'The New World Economy in 5 Trends' in which they say that the outlook for the global economy will favour Latin America.

Four of the five identified trends – climate, multi-globalism, debt and ageing – will, they say, create inflationary pressures, and Gijsels believes these will create competitive advantage for Latin American economies.

And he says it is not just a mental advantage. The region’s status as a producer of soft and hard commodities will also help in a global inflationary environment.

“Latin America is certainly well positioned because what you need is real assets – you need gold, you need commodities, tangible products.”


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