Moody's Analytics - Perspectivas Económicas de América ......2020/12/10 · Juan Pablo Fuentes es...

Perspectivas Económicas de América Latina, Diciembre 2020 1

Perspectivas Económicas de América Latina:

Recuperación en Marcha

Diciembre, 2020DR. ALFREDO COUTIÑO

DIRECTOR

JUAN PABLO FUENTES

ECONOMISTA

JESSE ROGERS

ECONOMISTA


Dr. Alfredo Coutiño es director en Moody’s Analytics, y es responsable del análisis

económico en tiempo real, y de modelos y pronósticos para América Latina.

Juan Pablo Fuentes es un economista en Moody's Analytics, donde produce análisis en

tiempo real, pronósticos y escenarios alternativos para las economías de América Latina.

Jesse Rogers es un economista en Moody’s Analytics donde cubre las economías de

Perú y Chile, así como temas de comercio internacional.

Ponentes

Dra. Anamaría Pieschacón es directora y cabeza global del servicio de validación de

modelos de riesgo crediticio para carteras de consumo en Moody's Analytics.

Moderadora


Moody's Analytics opera de forma independiente de las

actividades de calificación crediticia de Moody's Investors

Service. Nosotros no hacemos comentarios sobre las

calificaciones crediticias o cambios potenciales asociados.

Asimismo, ninguna opinión o análisis que se escuche durante

esta presentación refleja la opinión de la agencia de calificación.


1. Evolución Reciente y Perspectivas

» Recesión y reactivación en 2020

» Perspectivas 2021: Escenario Básico

2. Pandemia y Escenarios Alternativos

» Supuestos

» Escenarios

3. Riesgos Potenciales

Agenda

1 Evolución Reciente y

Perspectivas

Perspectivas Económicas de América Latina, Agosto 2020 6Perspectivas Económicas de América Latina, Diciembre 2020 6

-16

-14

-12

-10

-8

-6

-4

-2

0

2

17Q1 18Q1 19Q1 20Q1

Trimestral Anual

La Pandemia Golpea a la Economía de la RegiónPIB real, tasa de crecimiento %, con ajuste estacional

Fuente: Moody’s Analytics


-60

-50

-40

-30

-20

-10

0

10

20

30

31-Jan 31-Mar 31-May 31-Jul 30-Sep 30-Nov 31-Jan 31-Mar 31-May 31-Jul

Argentina Brasil Chile Colombia México Perú

Choque Externo: Exportaciones


Tasas de crecimiento anual %, sin ajuste estacional


-30

-20

-10

0

10

20

18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3

Brasil Chile Colombia México

Choque Interno: Consumo


Ventas al menudeo, tasas de crecimiento anual %, con ajuste estacional


-20

-10

0

10

20

31-Jan 29-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug 30-Sep

Argentina Brasil Chile Colombia México

Reactivación Económica en Marcha

Fuentes: Institutos de Estadísticas, Bancos Centrales, Moody’s Analytics

Indices de actividad, tasas de crecimiento mensual %, con ajuste estacional


-10

-8

-6

-4

-2

0

2

4

6

8

10

12

18Q1 19Q1 20Q1

Estados Unidos China

Motor Externo: Estados Unidos y ChinaPIB real, tasas de crecimiento trimestral (%), con ajuste estacional



0

1

2

3

4

5

6

7

8

9

Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20

México Brasil Chile Colombia Perú

Motores Internos: Estímulos a la Economía …

Fuentes: Bancos Centrales, Moody’s Analytics

Tasa de interés de política monetaria, anual %


-60

-50

-40

-30

-20

-10

0

10

31-Jan 29-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug 30-Sep

Argentina Brasil Chile Colombia México Perú

… y Reapertura Interna

Fuentes: Institutos de Estadísticas, Moody’s Analytics

Producción industrial, crecimiento % con respecto a Dic 2019, con ajuste estacional


1. Vacuna contra COVID-19

» Control de la epidemia

» Desactivación de la segunda ola

2. Demanda externa se fortalece

» Recuperación en EEUU y China

» Relaciones EEUU-LatAm mejoran con nuevo gobierno

3. Mercado interno avanza (consumo, inversión)

Perspectivas Económicas: Supuestos


Políticas de Estímulos se MantienenCondiciones monetarias, tasas nominales %PIB real, crecimiento anual, %


0

1

2

3

4

5

6

7

8

0 1 2 3 4 5 6 7 8

Zona Restrictiva

MEX

BRA

Nov

Neutralidad

Perfecta

Zona Expansiva

Ene

Ene

Tasa d

e p

olítica m

oneta

ria

Tasa de interés neutral

Nov

CHLEne

Nov


Perspectivas 2021: Recuperación en MarchaPIB real, crecimiento anual, %

-12.4

-5.9

-10.8

-7.4

-7.2

-8.8

-4.5

-4.4

9.2

6.4

4.9

4.8

4.3

3.8

3.8

3.8

-14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10

Perú

Chile

Argentina

Colombia

LATAM

México

Brasil

Uruguay

2020 2021

Fuente: Moody’s Analytics, escenario básico


Crecimiento por RegionesPIB real, crecimiento anual, %

PIB real, crecimiento anual, %

Fuente: Moody’s Analytics. Nota: América Central excluye México.

-7.2 -6.7-6.0

4.3 4.5 5.0

-9

-6

-3

0

3

6

9

América Latina América del Sur América Central

2020 2021


-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

20Q1 21Q1 22Q1

Recuperación del Producto Perdido% del PIB promedio de 2019

Fuente: Moody’s Analytics, escenario básico

2 Pandemia y Escenarios

Alternativos


S0

S1

B

S3

S4

Escenarios Alternativos

Más Optimista (Percentil 4)

Optimista (Percentil 10)

Básico (Percentil 50)

Pesimista (Percentil 90)

Más Pesimista (Percentil 96)

El pronóstico básico es el “resultado más probable” basado en las condiciones actuales y

nuestra visión sobre la dirección que lleva la economía.

Corremos múltiples simulaciones para obtener una distribución de probabilidades con posibles

resultados.

Actualizados cada mes


Diferentes Supuestos para cada Escenario

Paths S0 S1 BASICO S3 S4

PIB GLOBAL

PRECIO de MATERIAS PRIMAS

EPIDEMIOLOGIA

Pico de Infecciones Pico en Agosto Pico en Agosto Pico en Agosto Pico en T1 2021 Pico en T2 2021

Disponibilidad de vacuna Enero 2021 Marzo 2021 May 2021 Octubre 2021 Diciembre 2021

Fecha de abatimiento

(<1000 infecciones/día)Febrero 2021 Mayo 2021 Septiembre 2021 Marzo 2022 June 2022

Sistema Hospitalario Sin estrés Sin estrésCerca de

capacidadPequeño desborde Gran desborde

POLITICA ECONOMICA

ACCESO A MERCADOS

FINANCIEROSAmplio Amplio Suficiente Restringido Muy restringido


0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20

Segunda Ola es Probable Casos nuevos diarios, promedio móvil 14-días

Fuentes: Johns Hopkins CSSE COVID-19 Data Repository, Moody’s Analytics


0

500

1,000

1,500

2,000

2,500

3,000

May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20

Tasa de Mortalidad ha Descendido Lentamente Muertes diarias, promedio móvil 14-días

Fuentes: Johns Hopkins CSSE COVID-19 Data Repository, Moody’s Analytics


Severidad de la Pandemia ha Sido Uniforme

Fuentes: Johns Hopkins University, Moody’s Analytics

Casos confirmados de COVID-19 al 29/11, casos por millón de habitantes

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000

U.S.

Argentina

Chile

Brasil

Perú

Colombia

México


-90

-80

-70

-60

-50

-40

-30

-20

-10

0

ARG BRA CHL COL MEX PER

Abril Agosto Noviembre (1 - 21)

Lenta Reapertura de las Economías en LatAm Evolución de visitas a sitios de recreación comparado al nivel pre-pandemia, %

Fuentes: Google LLC COVID-19 Community Mobility Reports, Moody’s Analytics


4,500

4,800

5,100

5,400

5,700

6,000

6,300

6,600

19Q1 20Q1 21Q1 22Q1 23Q1 24Q1 25Q1

Básico S1 S3 S4

Escenarios Alternativos para la Recuperación PIB real agregado para LatAm, bil 2012 USD



-6

-4

-2

0

2

4

6

8

2021 2022 2023

Básico S1 S3 S4

Evolución de la Pandemia Determinará Recuperación PIB real agregado para LatAm, tasa de crecimiento, %

Fuentes: Harvard Global Health Institute, Moody’s Analytics


15

25

35

45

55

65

75

85

19Q1 20Q1 21Q1 22Q1 23Q1 24Q1 25Q1

Básico S1 S3 S4

Escenarios Alternativos para la Recuperación Precio de petróleo crudo Brent, dólares por barril



7

8

9

10

11

12

13

14

15

16

19Q1 20Q1 21Q1 22Q1 23Q1 24Q1 25Q1

Básico S1

S3 S4

Desempleo Permanece Alto en Escenario de Riesgo Tasa de desempleo agregada para LatAm, %


3 Riesgos Potenciales


0

2,000

4,000

6,000

8,000

10,000

12,000

Ene-16 Ene-17 Ene-18 Ene-19 Ene-20

Estados Unidos China

Tensiones Comerciales Aminoran

Índice de incertidumbre de la política comercial, 2005 ene=100

Fuentes: EPU, Moody’s Analytics


0

20

40

60

80

100

120

140

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

México Brasil Chile Argentina Colombia Perú

Mayores Niveles de Endeudamiento

Fuentes: Bancos centrales, Moody’s Analytics

Deuda bruta, % del PIB


Coeficiente GINI, 2018 o último año

0 10 20 30 40 50 60

Brasil

Colombia

Venezuela

LatAm

México

Chile

Peru

Argentina

EEUU

Canada

Japón

Alemania

Fuentes: World Bank, Moody’s Analytics

Desigualdad: Un Riesgo Latente…


25

30

35

40

45

50

98 00 02 04 06 08 10 12 14 16 18 20

México Brasil

Empleos formales, % del total

Fuentes: IMSS, Caged, INEGI, IBGE Moody’s Analytics

…como También la Calidad de Empleos

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