Writing in the Financial Times, Moreno pins the blame for this largely on relatively low investment in infrastructure, the high prices and "dismal" quality of basic public services, and the stagnating quality of learning.

Moreover, he argues, "insecurity and impunity continue to corrode trust in institutions, particularly the courts".

With the region now facing its most severe recession in a century, Moreno, who is expected to step down as President of the Inter-American Development Bank later this month after 15 years in the post, is calling for "decisive action" in the form of an overhaul of regressive tax systems that favour the region's wealthiest citizens.

He also urges regional integration – "forging a hemispheric trading bloc with nearly one billion consumers" – and effective digitisation of public services.

Latin America became a focal point of the international sports world in the last decade, hosting a string of major events, including the 2016 Summer Olympic and Paralympic Games in Rio, the 2014 FIFA World Cup also in Brazil, the 2018 Youth Olympic Games in Buenos Aires and both the 2019 Pan American Games and 2017 IOC Session in Lima.

Moreno, 67, became an IOC member in 2016 and should under normal circumstances remain for a further three years until reaching the age-limit of 70.

He is a former Colombian ambassador to the United States and served as Minister of Economic Development in the early 1990s.

Parts of Latin America, including Brazil, Mexico and Peru, have been particularly hard-hit by the coronavirus pandemic.