Countries Latin America: On The Path To Growth

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By Ariel Dess

Various economic studies are placing Brazil and Mexico within the top 10 largest economies in the world within the next 10-20 years. With the exception of Mexico, countries in Latin America surprised the world by their resistance to the economic crisis and recent growth forecast stay very optimistic. Chile, Peru and Colombia have reformed their institutions and economy in the past 15 years and the results are significant: Countries in Latin America are one the path to a bright future.

Countries in Latin America such as Chile, Peru, Colombia and Panama have implemented major political and economic changes to improve their competitiveness with great results.

In terms of economic pragmatism, Brazil has taught the world a lesson. The country is now the symbol of Latin America's capacity to adjust their business practices to adapt to globalization. The result of this policy is a great success: Brazil has formidably mitigated the effect of the economic crisis on its country and gained credibility at the international level. The Brazilian model is often used as an example in international conferences. Today Brazil is the biggest exporter in Latin America and the country's growth domestic product (GDP) is the highest the region.

Chile is another good illustration of the ability of countries in Latin America to adapt to economic reform. This country is recognized as the best place to do business in Latam and has the highest GDP per capita amongst countries in Latin America. This is the consequence of major reforms initiated to enhance trading, make business relationship more flexible and attract investments from foreign companies. This economic strategy is very successful: Chile is ranked number 30 of the most competitive countries in the world and number among countries in Latin America.

Other sectors such as real estate and tourism are booming. Latin America countries still suffer from problems such as poverty, high unemployment rate or monetary policies issues; however it is now certain that Latin America countries are on the path that leads en emerging country to a developed one.

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