Georgetown’s Moran says “the collapse of export markets…and the collapse of commodity prices” have had a devastating effect on Latin America.

Professor Theodore Moran of the School of Foreign Service at Georgetown University says both the “collapse of exports to North America and Europe and the decline in demand for natural resources such as coal and iron ore” have made it an “extremely difficult” time for Latin America.

But he says that despite the current conditions he remains “bullish” on the region as countries continue to expand their “high-tech and high-performance service sectors.”