The strong dollar is hurting exports from Latin America

Like Ecuador, Panama and El Salvador also use the dollar. Exports from all three have been hit recently by the strength of the greenback (see chart), but selectively so. Economic growth in all three countries is projected to fall below the (admittedly modest) Latin American average. There are some other factors, too. Ecuador has suffered a destabilising wave of gang violence. Following protests, Panama’s government closed a big copper mine, which has shaved perhaps 1% off its GDP. And unpredictable policymaking in El Salvador under its authoritarian president, Nayib Bukele, has shaken investment. The strong dollar adds to all these difficulties.