People take part in a new protest against the government of Colombian President Ivan Duque, in Cali, Colombia, on May 19, 2021. (Photo by Luis ROBAYO / AFP) (Photo by LUIS ROBAYO/AFP via Getty Images)

By Mauricio Cárdenas

Colombians need political leadership that responds to the current anger in the streets with effective strategies to tackle the country’s social and fiscal crises, while relying on increased vaccination to defeat the pandemic. But with the radical right and populist left on the rise, expecting this anytime soon is wishful thinking.

While the United States and other advanced economies are returning to normalcy, Colombia reported its highest number of COVID-19 cases and deaths to date during the last week of June. Since early May, the country has been recording one COVID-19 death per 100,000 people per day – three times India’s rate.

Demonstrators take part in a protest against Brazilian President Jair Bolsonaro’s handling of the COVID-19 pandemic in Sao Paulo, Brazil on May 29 2021. (Photo by NELSON ALMEIDA / AFP) (Photo by NELSON ALMEIDA/AFP via Getty Images)

By Kenneth Rogoff

Most of Latin America is still far from the horrific conditions prevailing in Venezuela, where output has fallen by a staggering 75% since 2013. But, given the ongoing humanitarian catastrophe there, and the specter of political instability elsewhere, investors should not take a sustained economic recovery for granted.

The current disconnect between market calm and underlying social tensions is perhaps nowhere more acute than in Latin America. The question is how much longer this glaring dissonance can continue.