Vaccination campaigns and fiscal support have sparked an economic rebound since the second half of last year, despite an apparent loss of momentum in the third quarter of this year. Even up to this point, the region’s recovery has been uneven and the future looks uncertain. Latin America is caught between two major global forces that threaten the region’s growth. Limited policy space and social pressures exacerbate political risks, but rolling back spending means relying heavily on the private sector to drive recovery.