One of our most reliable indicators about emerging markets shows that investors may have a real slog ahead of them in the coming years. In the past, we’ve used cell-phone sales in growing economies as means of measuring the prospects for investments. Cell phones show how much disposable income is available, in addition to reflecting the entrepreneurial spirit that creates a healthy middle class.

Paola Pecora says: ¨With such favorable external conditions prevailing, many in Argentina say that even a robot could have run the country successfully the last few years.  Latin America… is it doing well because of its leaders or because it is coasting on a good tailwind¨