"Well, by the standards of a lot of countries, by Latin American standards, it wasn't so bad"

Paul A. Volcker's quote is describing the economic scenario in Latin America. He is suggesting that, although the economic circumstance in Latin America may not have actually been perfect, it was not as bad as it could have been when compared to other nations. This indicates that Latin America was doing reasonably well in contrast to other nations, and that the economic scenario was not as dire as it could have been. Volcker's quote is a testimony to the resilience of Latin American economies, and the effort of individuals in the region to take advantage of their resources. It is likewise a suggestion that, although the economic circumstance in Latin America may not be ideal, it is still better than in lots of other nations.