The region is increasingly being drawn into the disputes of the world powers and local conflicts are threatening to become geopolitically charged.

Guyana, Brazil and Argentina are increasing production, while Ecuador, Mexico, Colombia and Venezuela are losing ground.

The government has promised clean elections for 2024. In return, the USA is easing its sanctions. It is uncertain whether President Maduro will keep his side of the bargain.

For four years, the country was an international pariah. That is changing. The German economy should keep an eye on Venezuela again.

In times of inflation, bitter experience has probably led to early countermeasures being taken there.

Nevertheless, investors seem to choose the region because of the size of the domestic markets.