Latin America uses commodities crisis to reshape economy

YOU had only to glance at reports issued by the World Bank and International Monetary Fund at the Spring meetings to diagnose the serious concern about Latin America.

Beyond Commodities - the Growth Challenge of Latin America, was how the World Bank report was headlined. "Latin America, new challenges to growth and stability", was the IMF's view of a region suffering from the fairly dramatic drop in the price of almost everything it boasts, from oil to soya to coffee.

Yet conversations with lead players revealed a back-story that offers hope of change, reform and policy that embraces the challenge of taking this current slowdown, and making it a tailwind fo…