The document provides an economic update and overview of Latin American countries, including Argentina, Brazil, Colombia, Chile, Mexico and Peru. It includes statistics on GDP, inflation, exports, poverty, population, urbanization, economic growth, unemployment, education spending, energy use, debt levels, interest rates and other economic indicators. The data is from sources like the World Bank and is intended to help clients understand the business environment in key Latin American markets.

1. LATIN AMERICA
UPDATE
March 2020
www.nuricumbo.com

2. COVID-19

3. A virus with a global reach

4. Highly Contagious

5. Some industries will be more affected than others

6. Volatility and fear are even higher than in 2008

7. Coronacrash: How does it compare to other
crashes so far?

8. Long-term view is always important

9. Always remember…

10. WE ARE NURICUMBO + PARTNERS

11. OUR VALUE PROPOSITION:
ü Highly experienced consultants.
ü High degree of flexibility.
ü Ideal to tackle those important but not
urgent tasks that otherwise never get
done.
ü Able to support in the resolution of
special or confidential projects.
ü Important specialization in Finance and
Accounting projects.
ü More than 50 multidisciplinary
consultants. Average of 15 to 20 years of
professional experience.
We are Nuricumbo + Partners

12. SOME EXAMPLES:
ü Interim C-Level Executives.
ü Financial Due Diligence for M&A.
ü Part-Time CFOs.
ü Comisarios / Consejeros.
ü Interim Project Teams.
ü Specialized Training Programs.
ü Debt/Equity Solutions.
ü Fintech Trusts (Fideicomisos)
ü Process Improvement
ü Special Audits (Forensic, Compliance, etc.)
How do we help some of our clients

13. COMPANY
PROFIT
Complete Profiles
Armando NuricumboRodrigo Llanos
Miguel Amador
Guillermo Lagos
Former CFOFormer Investment Banking
Former Controller / Auditor
Former CEO
Jesus Bush
PWC. IPG. Bombardier. RGP.
25 years of experience.
Valmex. Inverlat. Arka.
35 years of experience.
Whirlpool. Banco Azteca.
35 years of experience.
EY. Smurfit. Maxcom. Devlyn.
30 years of experience.
3M. Imperial Chemical. IMEF
30 years of experience.
Examples of our consulting talent
Alejandro Rico
Tax Partner
KPMG. Confies.
25 years of experience.
Jose Trevino
Former NAFTA Negotiator
Colmex. Comce. Cancham.
35 years of experience.
Angel Hernandez
Former CFO
Ingram. Dresser. TRW.
35 years of experience.
Roberto Fernandez
Former CIO
AT&T Capital. CIT. Alta.
30 years of experience.
Enrique Ugarte
Former VP
ProMexico. CCE. Edomex.
35 years of experience.
Former CIO
Evaristo Pulido
Former VP Structured Finance
PWC. Lala. Gicsa. ADO.
25 years of experience.
Marisol Baca
Former VP Administration
CFE. BID. Real Financiera.
25 years of experience.

14. LATIN AMERICA OVERVIEW

15. $4.02 $4.28 $4.47
$0.00
$1.50
$3.00
$4.50
$6.00
December January February
Brazil
Exchange Rates
$3,287.23 $3,420.57 $3,524.13
$0.00
$1,500.00
$3,000.00
$4,500.00
December January February
Colombia
$18.93 $18.84 $19.64
$0.00
$10.00
$20.00
$30.00
December January February
Mexico
$3.31 $3.38 $3.45
$0.00
$1.00
$2.00
$3.00
$4.00
December January February
Peru
Source: Bloomberg, 2019.
*USD / PEN
*USD / MXN
*USD / CLP
*USD / BRL
*USD / COP
$752.87 $800.54 $820.93
$0.00
$200.00
$400.00
$600.00
December January February
Chile
*USD / CLP
$59.87 $60.35 $62.21
$0.00
$25.00
$50.00
$75.00
December January February
Argentina
*USD / ARS

16. 41,671.41 40,105.04
34,973.18
0
12,000
24,000
36,000
48,000
December January February
Argentina
Capital Markets
115,645.30 113,760.60 104,171.60
0
30,000
60,000
90,000
120,000
December January February
Brazil
1,662.42 1,623.83 1,549.61
0
500
1,000
1,500
2,000
December January Feburary
Colombia
20,526.13 19,834.90 18,264.30
0
7,000
14,000
21,000
28,000
December January Feburary
Peru
43,541.02 44,108.31 41,324.31
0
15,000
30,000
45,000
60,000
December January February
Mexico
4,669.85 4,572.06 4,122.63
0
1,200
2,400
3,600
4,800
December January February
Chile
*IPSA:IND
*MEXBOL:IND
*SPBLPGPT:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Bloomberg, 2019.

17. Foreign Direct Investmet
$3,260
$11,517 12162
$0
$4,000
$8,000
$12,000
2016 2017 2018
Argentina
$52,751
$67,583 $61,223
$0
$30,000
$60,000
$90,000
2016 2017 2018
Brazil
$13,850 $13,836
$11,010
$0
$5,000
$10,000
$15,000
2016 2017 2018
Colombia
$11,942
$6,856 $7,160
$0
$4,000
$8,000
$12,000
2016 2017 2018
Chile
$30,865 $32,091 $31,604
$0
$12,000
$24,000
$36,000
2016 2017 2018
Mexico
$6,863 $6,769 $6,175
$0
$3,000
$6,000
$9,000
2016 2017 2018
Peru
*U.S. Dollars at Current Prices in Millions
Source: United Nations Conference on Trade and Development, UNCTAD, 2019.
$12,162

18. 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

19. 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

20. Population Growth
1.0%
0.8%
1.5%
1.4%
1.1%
1.7%
0%
1%
1%
2%
2%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Annual Percentage

21. Total Population
44,494.5
209,469.3
49,648.7
18,729.2
126,190.8
31,989.3
0
50,000
100,000
150,000
200,000
250,000
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) Thousands; (ii) Total Inhabitants

22. Urban Population
92%
87%
81%
88%
80% 78%
0%
20%
40%
60%
80%
100%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of Total Population

23. Poverty Headcount Ratio
0.5%
4.8%
3.9%
0.7%
2.2%
3.4%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2016 - 2017.
Note: (i) At US$1.90 / Day; (ii) Percentage of Population

24. Exports of Goods and Services
14.3% 14.8% 15.9%
28.8%
39.3%
25.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of GDP

25. Foreign Direct Investment
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Argentina
BrazilColom
bia
Chile
M
exico
Peru
11,872
78,162
11,535
6,082
37,495
6,487
Source: The World Bank, 2018.
Note: (i) Net Inflows; (ii) BoP, Current Million US$

26. Gross Domestic Product
$519,871.5
$1,868,626.1
$331,047.0 $298,231.1
$1,220,699.5
$222,045.0
$0
$300,000
$600,000
$900,000
$1,200,000
$1,500,000
$1,800,000
$2,100,000
$2,400,000
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Millions, Current US$

27. GDP Per Capita
$20,610.6
$16,096.4
$15,012.9
$25,222.5
$19,844.6
$14,418.1
$0.0
$5,000.0
$10,000.0
$15,000.0
$20,000.0
$25,000.0
$30,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) PPP; (ii) Current US$

28. Inflation
3.7%
3.5%
2.6%
3.6%
2.1%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018 - 2019.
Note: (i) Consumer Prices; (ii) Annual Percentage
* Data not officially available for Argentina at the World Bank website. Other sources estimate anual inflation rate at
around 54%.

29. GDP Growth
-2.5%
1.1%
2.6%
4.0%
2.1%
4.0%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Annual Percentage

30. Gross Savings
15%
14%
15%
20%
24%
20%
0%
5%
10%
15%
20%
25%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of GDP

31. Personal Remittances
$0.0
$10,000.0
$20,000.0
$30,000.0
$40,000.0
Argentina
Brazil
Colom
bia
Chile
M
exico
Peru
$515.9 $2,933.5
$6,364.3
$66.1
$35,768.4
$3,224.8
Source: The World Bank, 2018.
Note: (i) Received; (ii) Millions, Current US$

32. Total Reserves
$66,221.5
$374,709.7
$47,887.6 $39,858.8
$176,390.3
$60,333.2
$0.0
$50,000.0
$100,000.0
$150,000.0
$200,000.0
$250,000.0
$300,000.0
$350,000.0
$400,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) Includes Gold; (ii) Millions, Current US$

33. Revenue
19%
27%
23%
22%
19%
17%
0%
5%
10%
15%
20%
25%
30%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2017 - 2018.
Note: (i) Excluding Grants; (ii) Percentage of GDP

34. Government Expenditure on Education
5.5%
6.2%
4.5%
5.4%
4.9%
3.9%
0%
2%
4%
6%
8%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2015 - 2017.
Note: Percentage of GDP

35. Labor Force
Source: The World Bank, 2019.
20,434.1
106,328.7
27,249.2
9,533.1
57,558.6
18,818.4
0
20,000
40,000
60,000
80,000
100,000
120,000
Argentina Brazil Colombia Chile Mexico Peru
Note: Thousands

36. Labor Force (Female)
42.0%
43.4% 43.2%
41.8%
37.2%
45.8%
0%
10%
20%
30%
40%
50%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: Percentage of Total Labor Force

37. Unemployment
10.0%
12.2%
9.2%
7.4%
3.4%
2.9%
0%
3%
6%
9%
12%
15%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2019.
Note: (i) Percentage of Total Labor Force; (ii) Modeled ILO Estimate

38. 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

39. 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

40. Population Living in Slums
17%
22%
13%
9%
11%
34%
0%
10%
20%
30%
40%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2005 - 2014.
Note: Percentage of Urban Population

41. External Debt Stocks
56.1%
30.3%
42.3%
38.0%
31.3%
0%
10%
20%
30%
40%
50%
60%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of GNI

42. Bank Capital to Assets Ratio
11.0%
10.1%
16.6%
8.4%
10.7%
12.5%
0%
3%
6%
9%
12%
15%
18%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage

43. Bank Nonperforming Loans
to Total Gross Loans
3.1% 3.1%
4.4%
1.9%
2.1%
3.3%
0%
1%
2%
3%
4%
5%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage

44. Deposit Interest Rate
25.1%
6.9%
4.7%
2.7% 3.3% 2.6%
0%
5%
10%
15%
20%
25%
30%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2016 - 2018.
Note: Percentage

45. Lending Interest Rate
37.4%
39.1%
12.1%
4.2%
8.1%
16.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2016 - 2018.
Note: Percentage

46. Listed Domestic Companies
Source: The World Bank, 2018.
93
334
66
205
140
211
0
50
100
150
200
250
300
350
400
Argentina Brazil Colombia Chile Mexico Peru
Note: Total

47. Market Capitalization of Listed Domestic
Companies
$45,986.05
$916,824.39
$103,848.38
$250,739.56
$385,051.43
$93,385.36
$0.0
$200,000.0
$400,000.0
$600,000.0
$800,000.0
$1,000,000.0
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: (i) Millions; (ii) Current US$

48. 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

49. Military Expenditure
2.1%
3.9%
11.6%
7.4%
2.1%
5.6%
0%
2%
4%
6%
8%
10%
12%
14%
Argentina Brazil Colombia Chile Mexico Peru
Source: The World Bank, 2018.
Note: Percentage of General Government Expenditure

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