Successful Market Economies in Latin America
 As an overall market, Latin America is identified by four major regional markets:
Mexico, South America,
Central America and the Caribbean. It continues to be a major market opportunity for the U.S. with exports to the region valued at over
$150 billion per year. High market growth opportunities are emerging in many industrial sectors through out Latin America.
In the world market, Latin America has had stable, real GDP performance for the past 3 years and its purchasing
power per capita has grown. Within the last
four years, Latin American governments have taken advantage of a very favorable global environment. As a result, Latin America is better equipped to
respond to domestic and international economic fluctuations.
It may be counterintuitive to expect economies in the Americas to ride out the current U.S. economic woes with relative ease, but high commodity prices,
enhanced diversity in the regions economies, and robust global trade should help to minimize the impact of the global downturn on most major economies
in the Latin America region.
Key economic comparatives relative to major countries and markets around the globe are summarized in the following tables. (You can visit
Consensus
Economics and the
IMF web sites for additional information on the economic outlook for Latin America and other countries and regions.)
| |
07 GDP
(US $billion)
|
07 GDP/ Capita (US$) |
07 Pop.(million)
|
Real GDP
(% Change)
|
Inflation
(% Change)
|
Current Account
(US $ billion)
|
|
07 |
08E |
09F |
07 |
08E |
09F |
07 |
08E |
09F |
Latin America |
3,433 |
6,224 |
553.2 |
5.4 |
4.4 |
3.9 |
6.1 |
7.2 |
6.3 |
23.4 |
9.1 |
40.6 |
United States |
13,844 |
45,435 |
304.7 |
2.2 |
1.5 |
1.7 |
2.9 |
4.0 |
2.5 |
(739) |
(726) |
(672) |
Japan |
4,384 |
34,330 |
127.7 |
2.0 |
1.3 |
1.5 |
0.0 |
1.1 |
0.8 |
212.1 |
204.1 |
214.7
|
China |
3,251 |
2,404 |
1,352.2 |
11.9 |
10.1 |
9.4 |
4.8 |
7.0 |
4.5 |
347.9 |
348 |
354.5 |
Germany |
3,322 |
40,414 |
82.2 |
2.5 |
2.2 |
1.3 |
2.3 |
2.8 |
2.0 |
252.2 |
271.5 |
253.9 |
United Kingdom |
2,773 |
45,759 |
60.6 |
2.0 |
1.7 |
1.3 |
2.3 |
3.1 |
2.4 |
(115.7) |
(108.6) |
(93.6) |
European Union |
16,830 |
34,580 |
486.7 |
2.8 |
1.8 |
1.5 |
2.1 |
3.1 |
2.3 |
95.1 |
114.3 |
119.2 |
Eastern Europe |
n/a |
n/a |
n/a |
6.9 |
6.0 |
5.7 |
8.4 |
10.3 |
7.7 |
(60.8) |
(70.2) |
(124.6) |
Asia Pacific |
n/a |
n/a |
n/a |
5.9 |
4.8 |
4.8 |
2.5 |
4.2 |
3.0 |
634.0 |
570.0 |
604.0 |
|
The United States and countries throughout Latin America have put in place
numerous trade agreements. (More
info on U.S. Free Trade Agreements)
Chile alone claims to have more bilateral or regional trade agreements than any other country. It has 57 such agreements (not all of them full free trade
agreements), including with the European Union,
Mercosur, China, India, South Korea, and
Mexico. Additionally, the country deepened its longstanding
commitment to trade liberalization with the signing of a free trade agreement with the U.S., which took effect on 1 January 2004.
|
Population |
553.2 million (2007) |
GDP Growth % |
4.4 (08 E)
3.9 (09 F)
|
GDP |
3,443 billion US$ |
GDP per Capita |
6,224 US$ |
Inflation Rate Change (%) |
6.3 (08 E/09 F) |
E = Estimate F = Forecast |
Key Trade Agreements for Latin America
| North American Free Trade Agreement(NAFTA) |
United States,
Mexico, Canada |
| Mercosur Regional Trade Organization |
Member Countries:
Argentina,
Brazil, Paraguay, Uruguay,
Venezuela
Associate Members: Bolivia, Chile,
Colombia,
Ecuador, Peru |
| Central American Free Trade Agreement(CAFTA) |
Costa Rica, The Dominican Republic, El Salvador, Guatemala,
Honduras, Nicaragua, United States |
| Andean Community of Nations(Andean Pact) |
Bolivia,
Chile,
Colombia,
Ecuador, Peru |
|
