The new age of Latin America
After the coups and the revolutions, the continent's democratic normalisation stems from the ‘miracle’ of reforms.
After the coups and the revolutions, the continent’s democratic normalisation stems from the ‘miracle’ of reforms. After a decade-long phase of expansion, economic growth, and a successful reversal of trends of poverty and social exclusion, Latin America is now in recession. The International Monetary Fund (IMF) calculates it at around – 0.3% overall. Actually, only Venezuela, Argentina and Brazil have posted “minus” signs, but these countries account for almost 70% of the area’s GDP. The phenomenon has coincided with and has been partially caused by the drop in the price of oil and the contraction of raw material exports and agricultural products, namely iron and soya, towards Asian markets and especially China.
Generally speaking, Latin America held its own during the 2008 economic crisis. In fact, its repercussions were slow to reach South America and had less of an impact, with the countries on the Pacific side getting off even lighter than Atlantic-facing countries. It was nothing like the tsunami that hit Europe.
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