Latin American Economy An Overview Latin America Economy
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Latin American Economy An Overview
Latin America
Economy size (2018) Country Brazil Mexico Argentina Colombia Chile Peru Ecuador Cuba Population (million) 209. 5 126. 2 44. 5 49. 6 18. 7 32. 0 17. 1 11. 3 Surface area (1000 sq. km) 8, 516 1, 964 2, 780 1, 142 757 1, 285 256 110 GDP (current) (US$billion) 1, 869 1, 221 520 331 298 222 108 100 GDP per capita (current US$) 8, 921 9, 673 11, 684 6, 668 15, 923 6, 941 6, 345 8, 822 GDP per capita, PPP (current $) 16, 096 19, 845 20, 611 15, 013 25, 223 14, 418 11, 734 Exports (% of GDP) 14. 8 39. 3 14. 3 15. 9 28. 8 25. 4 22. 8 14. 5 Dominican R. Guatemala Panama Costa Rica Uruguay Paraguay Bolivia El Salvador Honduras Nicaragua Haiti Venezuela 10. 6 17. 2 4. 2 5. 0 3. 4 7. 0 11. 4 6. 4 9. 6 6. 5 11. 1 28. 9 49 109 75 51 176 407 1, 099 21 112 130 28 912 86 78 65 60 60 40 40 26 24 13 10 8, 051 4, 549 15, 575 12, 027 17, 278 5, 822 3, 549 4, 058 2, 500 2, 029 868 17, 748 8, 462 25, 554 17, 671 23, 572 13, 600 7, 873 8, 332 5, 139 5, 534 1, 867 23. 6 18. 1 Latin America SSA Korea 641. 4 1, 078. 3 51. 6 20, 426 21, 754 100 5, 801 1, 710 1, 619 9, 044 1, 586 31, 363 16, 251 3, 988 40, 112 23. 0 25. 4 44. 0 33. 7 21. 0 36. 0 28. 9 41. 8 42. 0 17. 1 Infant mortality rate 12. 8 11. 0 8. 8 12. 2 6. 2 11. 1 12. 2 3. 7 24. 1 22. 1 13. 1 7. 6 6. 4 17. 2 21. 8 15. 1 15. 7 49. 5 21. 4 14. 0 52. 7
DAC List of ODA recipients
Question Why is it that a region rich in natural resources failed to match the development of other areas that were no more developed than Latin America in the 19 th century or even in 1970 s?
1. 5 2 Openness 0. 62 1 Inflation Rate 0. 31 0. 5 Government Consumption 0. 31 Rule of Law 0. 37 0 Democracy -0. 04 -0. 5 Terms of trade 0. 02 Balance-ofpayments Crisis 0. 24 Institutions and Policy 1. 57 Human Resources 0. 29 Fertility 0. 5 Investment Rate 0. 6 Initial Income -0. 14 Contributions to the Difference in GDP per capita Growth between East Asia and Latin America 1970 -2000, %, annual average 2. 5 3 3. 5
Economic growth of Latin America ISP Econ Reform Resource Boom Debt Relief Debt Crisis Lost Decade Subprime Crisis Mexican Crisis Brazilian Crisis Argentine Crisis Decline of commodity prices 8
Growth of LA and the World Economy
Growth of LA countries
Import Substitution Policy � Consequences ◦ ◦ ◦ � Low productivity growth Low interest rates and over capacity Decline of agriculture Fiscal deficit and inflation Dependency on imports of essential inputs Production of cars in LA: 1968 Annual production number of firms Highest production Lowest production Argentina 180, 976 10 41, 280 1, 093 Brazil 279, 564 9 154, 972 949 Chile 18, 042 6 - - Peru 10, 115 9 2, 346 92
Inflation in Latin America
External Debt/GDP of LA
Export share of primary commodities 2005 1 Sudan Gabon Bahrain Venezuela Ecuador Bolivia Paraguay Chile Peru Iceland Ghana Trinidad and Tobago Nicaragua Belize 0. 8 Norway Uruguay Argentina Egypt Australia Colombia New Zealand Honduras 0. 6 Barbados Senegal Indonesia Brazil 0. 4 Guatemala Greece El Salvador Canada Jamaica India Denmark Cyprus Costa Rica. Morocco Netherlands Spain United Kingdom Pakistan France Portugal USA Austria Italy Sweden Hungary Finland Korea Switzerland Israel Japan Malta 0. 2 0 0 0. 2 0. 4 0. 6 Togo Jordan Tunisia Mexico Singapore Sri Lanka Malaysia Turkey Philippines 0. 8 1 1970 14
Commodity Price source: http: //www. indexmundi. com/commodities/ 15
Commodity Price and LA Economy Commodity Price Growth Rate of LA 16
Control of Corruption
Income Distribution in LA Latin America and the Caribbean have the greatest disparities in income distribution in the world. � Similar to African countries, whose per capita income levels are half those of Latin America. �
Evolution of LA’s Gini Index
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