Kevin gallagher, Professor of Global Development Policy and Director of the Global Development Policy Center at the Frederick S. Pardee School of Global Studies at Boston University, and Rebecca Ray, senior academic researcher at the Global Development Policy Center, co-authored an op-ed in Chinese dialogue on the looming debt crisis in Latin America.
In the article entitled “China alone cannot solve the looming debt crisis in Latin AmericaGallagher and Ray discuss the three crises currently plaguing Latin America: the COVID-19 health crisis, the resulting economic fallout and the deepening environmental devastation in the region. Latin America is struggling to tackle any of these issues as it is expected to have the worst economic performance in the world. Both argue that China has the opportunity to lead a global debt relief effort that could help this region on the brink of disaster.
If China acts bilaterally, it could force borrowing countries to spend relief funds to attack the virus and embark on a recovery that is both socially inclusive and low-carbon. China’s leadership may inspire others to follow.
The full editorial can be read here.
Kevin gallagher is Professor of Global Development Policy at the Frederick S. Pardee School of Global Studies at Boston University, where he directs the Global Development Policy Center. He is the author or co-author of six books, the most recent of which, The Chinese Triangle: China’s Boom in Latin America and the Fate of the Washington Consensus. Learn more about him here.
Rebecca Ray is a senior academic researcher at the Global Economic Governance Initiative (GEGI) of the Global Development Policy Center. Since 2013, she has focused her GEGI research on Latin America, including the annual China-Latin America Economic Bulletin series, the book project China and sustainable development in Latin America: the social and environmental dimension, and its current project, Safeguarding sustainable development in the Andean Amazon.