Global Economic Tracker—Insights and Trends (GET-IT)—Emerging Latin America Quarter 4, 2013
The Latin American region is likely to sum up the year 2013 with an annual growth of 2.7%. Most of the major economies in the region have fared better as compared to their European counterparts. As a part of their growth initiatives most of the economies in the region are now opening up their once highly regulated state controlled energy sectors for foreign investments. Infrastructure development remains top priority in economies such as Brazil and Colombia. Security continues to be a threat in the region.
The entire Latin American region registered an annual growth of % in 2013. The decrease in the growth estimates can be attributed to the slow growth in the US and China, which have affected the foreign investment of the region enormously.
While certain economies bore the brunt of nature’s tyranny such as Mexican floods, some were able to shield themselves on account of their abundant natural resources. For example, the mining sector of Chile helped the country maintain a steady growth despite the loss incurred in the country’s fruit and wine production owing to a late winter.
Some newly elected governments such as in Mexico are in the process of enacting new reforms based on the analysis of their neighbors' policy towards achieving growth momentum.
Chile, Peru and Colombia are in the process of integrating their foreign exchange markets in order to reduce cost and gain more activity and liquidity in the market. This will help the participating economies to mitigate the foreign exchange risks while cutting cost barriers across economies.
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