Latin America’s new face following the global financial crisis is tough and almost impervious to shocks but also soft and kind to the most vulnerable.
A World Bank report argues that the region’s economic demeanor is resilient, globalized, and dynamic as it zips towards 5-6 percent growth for 2010 and shows that its investments in social protection managed to shield the most vulnerable from the worst effects of the downturn.
Presented as part of the World Bank Annual Meetings, Latin America’s semiannual economic report also reveals that the region’s recovery is ahead of the rich nation’s and compares well with the Asian Tigers’ expected growth of over 7 percent. All in all, the crisis in Latin America & Caribbean (LAC) was short lived, as compared to other parts of the globe, thanks in part to solid macroeconomic and fiscal frameworks set in place well before the crisis struck.
Individually, Brazil, Peru and Argentina lead the pack with 7.5 percent projected growth while Uruguay and Paraguay are expected to largely surpass the regional average. Chile, Colombia, Dominican Republic, Mexico and Panama, in the meantime, will likely post a robust 4-5 percent growth, according to ‘Resilient, globalized, dynamic: The new face of Latin America’.
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