In Latin America, we are seeing an increase in private savings accompanied by higher fiscal deficits, which will increase from 57% of GDP to 76%, according to IDB projections. There will be a strong demand for liquidity and, if consumption returns to normal, but supply continues to face restrictions, we could see an increase in inflation. How quickly will the economy recover? It will depend on two key aspects: the unemployment rate (especially high in Colombia, Peru and Brazil) and the availability of vaccines. The region will benefit from rising commodity prices in 2021. The main risks? Worsening long-term fiscal sustainability, higher inflation and rising interest rates, and long-term social effects.