4.3 Latin America: Selective opportunities amid cheap valuations With regional central banks having done their JORGE AMATO job in fighting inflation in 2022, our focus Head of Investment Strategy, Latin America is on individual countries’ fiscal policies, as well as political and social dynamics. Equity BRUCE HARRIS Head of Global Fixed valuations are attractive across the board, Income Strategy but upside could be limited by uncertainty around government spending policies. ƒ Amid a decelerating global economy, Latin America may grow around 1% in 2023 ƒ Equities in Brazil and Mexico are on low valuations while their fundamentals look solid ƒ We see Latin American fixed income as a “bond picker’s market” at the moment ƒ Conditions for regional currencies may be favorable in 2023, especially if the US dollar weakens Citi Global Wealth reGioNAL PreviewS | | 93 Investments