Lima is the third Latin American city hosting the Annual Meetings of the World Bank Group and the International Monetary Fund, and the first since 1967. Besides showcasing its brand new Convention Center, the Peruvian capital has been gearing up to receive the savviest analysts, academics from the most renowned universities, personalities, business people, entrepreneurs and journalists from around the world.
But make no mistake; this is not going to be an occasion to celebrate a promising future. Not at all, and it will not be needed the farsightedness of the Oracle of Delphi to realize that uncertainty, instability and volatility will continue to dominate the planet. And to put numbers on this somber picture, the summit will start, tomorrow, with an attempt to foretell how the short- and medium-terms will look like: the press conference on the World Economic Outlook Report (WEO).
The event will focus on seeking as well as counseling on the ways to handle and overcome this harsh reality. Given that it is taking place in Latin America, the emphasis will be on the region's experience, especially on the economic progress of the last decade, for a number of countries took advantage of the boost that the commodities boom triggered – Peru among them.
Now that China is rebalancing its economic model and raw materials have lost their luster, the challenge that Latin America faces is to concentrate on the many structural reforms it has the urgency to implement, as well as to avoid the despondency that the slowing down of growth may cause.
Among the issues to be discussed at the summit, the standouts include the promotion of accountability good practices, the strengthening of institutions and the advantages posed by the commercial and financial integration of the region with Asia.
On a global level, the event will tackle economic challenges of profound impact: climate change, social inclusion and the role of young entrepreneurs in the encouragement of sustainable growth. The actor and director Sean Penn is going to take part in the latter seminar, alongside the co-founder of LinkedIn. Perhaps his critical vision of reality will serve to set the tone of the summit.