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Wikipedia

Latin American economy

April 06, 2024

Latin America as a region has multiple nation-states, with varying levels of economic complexity. The Latin American economy is an export-based economy consisting of individual countries in the geographical regions of North America, Central America, South America, and the Caribbean. The socioeconomic patterns of what is now called Latin America were set in the colonial era when the region was controlled by the Spanish and Portuguese empires. Up until independence in the early nineteenth century, colonial Latin American regional economies thrived and worked things out. Many parts of the region had favorable factor endowments of deposits of precious metals, mainly silver, or tropical climatic conditions and locations near coasts that allowed for the development of cane sugar plantations. In the nineteenth century following independence, many economies of Latin America declined.[1][2] In the late nineteenth century, much of Latin America was integrated into the world economy as an exporter of commodities. Foreign capital investment, construction of infrastructure, such as railroads, growth in the labor sector with immigration from abroad, strengthening of institutions, and expansion of education aided industrial growth and economic expansion.[3] A number of regions have thriving economies, but "poverty and inequality have been deeply rooted in Latin American societies since the early colonial era."[4]

Map of Latin America showing modern political divisions

As of 2021, the population of Latin America is 656 million people[5] and the total gross domestic product of Latin America in 2019 was US$5.1 trillion. The main exports from Latin America are agricultural products and natural resources such as copper, iron, and petroleum. In 2016, the Latin American economy contracted 0.8% after a stagnant 2015.[6] Morgan Stanley suggests that this drop in economic activity is a combination of low commodity prices, capital flight, and volatility in local currency markets.[7] The International Monetary Fund suggests that external conditions influencing Latin America have worsened in the period from 2010 to 2016, but will show growth in 2017.[8]

Historically, Latin America has been an export-based, with silver and sugar being the motors of the colonial economy. The region remains a major source of raw materials and minerals.[9] Over time, Latin American countries have focused on efforts to integrate their products into global markets.[9] Latin America's economy is composed of two main economic sectors: agriculture and mining. Latin America has large areas of land that are rich in minerals and other raw materials.[9] Also, the tropical and temperate climates of Latin America makes it ideal for growing a variety of agricultural products.[9]

Infrastructure in Latin America has been classified as sub-par compared to economies with similar income levels.[10] There is room to grow and some countries have already taken the initiative to form partnerships with the private sector to increase infrastructure spending.[11] The main economies of Latin America are Brazil, Argentina, Colombia, Mexico, and Chile. These economies have been given positive outlooks for 2017 by Morgan Stanley.[7] The Latin American economy is largely based on commodity exports, therefore, the global price of commodities has a significant effect on the growth of Latin American economies. Because of its strong growth potential and wealth of natural resources, Latin America has attracted foreign investment from the United States and Europe.

History edit

Main article: Economic history of Latin America

Economic sectors edit

Main trading partners edit

Country Leading export market Leading import source
  Argentina   Brazil   Brazil
  Bolivia   Brazil   China
  Brazil   China   European Union
  Chile   China   China
  Colombia   United States   United States
  Costa Rica   United States   United States
  Cuba   Russia   China
  Dominican Republic   United States   United States
  Ecuador   United States   United States
  El Salvador   United States   United States
  Guatemala   United States   United States
  Honduras   United States   United States
  Mexico   United States   United States
  Nicaragua   United States   United States
  Panama   European Union   United States
  Paraguay   Brazil   China
  Peru   China   China
  Uruguay   Brazil   China
  Venezuela   United States   United States

Sectors by industry edit

Agriculture edit

 
Sugarcane plantation in São Paulo. In 2018, Brazil was the world's largest producer, with 746 million tons. Latin America produces more than half of the world's sugarcane.
 
Soy plantation in Mato Grosso. In 2020, Brazil was the world's largest producer, with 130 million tons. Latin America produces half of the world's soybeans.
 
Coffee in Minas Gerais. In 2018, Brazil was the world's largest producer, with 3.5 million tons. Latin America produces half of the world's coffee.
 
Orange in São Paulo. In 2018, Brazil was the world's largest producer, with 17 million tons. Latin America produces 30% of the world's orange.
 
Truck of a meat company in Brazil. Latin America produces 25% of the world's beef and chicken meat.

Agriculture is a sector of most Latin American economies, but in general those countries depending on agriculture as a major component of GDP are less developed than those with a robust industrial sector. There is an unequal distribution of landholders, dating to the colonial era. In many countries a disproportionate number of small cultivators who are not entirely self-sufficient, subsistence farmers, but are not part of the export economy.[12] Agricultural productivity itself could be another reason for inequality in a given region. That is to say, agricultural incomes could lag behind industrial and service sector incomes leading to higher inequality.[13] Latin America produces and exports a diverse range of agricultural products such as coffee, cacao, bananas, soya, and beef, but most countries only produce one or two such exports.[14][15] Latin America accounts for 16% of the world's food and agriculture production. Brazil and Argentina lead the region in terms of net export due to high grain, oilseed, and animal protein exports.[14] The structure of the agriculture sector is very diverse. In Brazil and Argentina large farms account for most of the commercial agriculture, but in much of Latin America, agriculture production comes from the region's small farms.

Global demand for agricultural products is rising due to the world's growing population and income levels. By 2050, the world's population is expected to reach 9 billion people and the demand for food is forecast to be 60% higher than it was in 2014.[14] Distribution of unexploited land in Latin America is very uneven, with Brazil and Argentina having the most access to additional land.[14]

Rabobank reports that Latin American has achieved rates of agricultural productivity that are above the global average, however, there is a lot of variation in the performance of the individual countries.[14] For large commercial farms, investment in precision agriculture and plant breeding techniques will lead to an increase in productivity, and for small-scale farms, access to basic technology and information services will lead to an increase in productivity.[14]

The four countries with the strongest agriculture in South America are Brazil, Argentina, Chile and Colombia. Currently:

In Central America, the following stand out:

Mexico is the world's largest producer of avocado, one of the world's top 5 producers of chili, lemon, orange, mango, papaya, strawberry, grapefruit, pumpkin and asparagus, and one of the world's 10 largest producers of sugar cane, maize, sorghum, bean, tomato, coconut, pineapple, melon and blueberry.

Brazil is the world's largest exporter of chicken meat: 3.77 million tons in 2019.[17][18] The country is the holder of the second largest herd of cattle in the world, 22.2% of the world herd. The country was the second largest producer of beef in 2019, responsible for 15.4% of global production.[19] It was also the 3rd largest world producer of milk in 2018. This year, the country produced 35.1 billion liters.[20] In 2019, Brazil was the 4th largest pork producer in the world, with almost 4 million tons.[21]

In 2018, Argentina was the 4th largest producer of beef in the world, with a production of 3 million tons (behind only USA, Brazil and China). Uruguay is also a major meat producer. In 2018, it produced 589 thousand tons of beef.[22]

In the production of chicken meat, Mexico is among the 10 largest producers in the world, Argentina among the 15 largest and Peru and Colombia among the 20 largest. In the production of beef, Mexico is one of the 10 largest producers in the world and Colombia is one of the 20 largest producers. In the production of pork, Mexico is among the 15 largest producers in the world. In the production of honey, Argentina is among the 5 largest producers in the world, Mexico among the 10 largest and Brazil among the 15 largest. In terms of cow's milk production, Mexico is among the 15 largest producers in the world and Argentina among the 20.[23]

Mining and petroleum edit

 
Cerro Rico, Potosi, Bolivia, still a major silver mine
 
Iron mine in Minas Gerais. Brazil is the world's second largest iron ore exporter.
 
Amethyst mine in Ametista do Sul. Latin America is a major producer of gems such as amethyst, topaz, emerald, aquamarine and tourmaline

Mining for precious metals dates to the prehispanic period in Latin America and was the economic driver for the throughout the colonial period in Spanish America and in the eighteenth century in Brazil. Extraction of minerals and petroleum dominate certain countries' economies rather than agriculture, especially Venezuela, Mexico, Chile, and Bolivia.[15] In general, mining sites had only a local environmental impact, using relatively low-energy technology such as hand tools, but modern mining technologies use machinery and create open pits mines rather than tunnels, with considerable environmental impact. These enterprises are large scale industrial enterprises requiring considerable capital investment. An exception to this model is gold mining in river systems, especially the Amazon, where poor miners extract gold from auriferous sands, and somewhat larger scale enterprises dredge the sands. Toxic chemicals are used in mine processing, including mercury and arsenic. Discharge of chemical waste into water systems contaminate them. Current mining practices create problems in all stages of production, from extraction to finished product.[24]

Recent mining of lithium in the Northwest of Argentina and Bolivia, as well as the discovery of new deposits are important since lithium is a key component in batteries to power electronics, such as mobile phones, electric cars, and electricity grids. Argentina's resources are now being mined by a joint Australian-Japanese-Argentina venture. Chile has been a major producer for decades, from the Atacama salt flat.[25]

Latin America produces 45% of the world's copper, 50% of the world's silver, 26% of the world's molybdenum, and 21% of the world's zinc.[26]

Half of the participants in a BNAmerica's mining survey believe that political and legal uncertainty will slow mining investment in Latin America in 2017.[27] However, individual countries have implemented changes that could improve conditions for mining companies in 2017. Costs related to labor, energy, and supplies have increased for Latin American mining companies.[27] Thus, many companies are focused on reducing costs and improving efficiency to achieve growth. Some companies are looking towards consolidation, automation, and owner-operated mines to lessen the impacts of rising costs.[27]

In the mining sector, Brazil stands out in the extraction of iron ore (where it is the second world exporter), copper, gold, bauxite (one of the 5 largest producers in the world), manganese (one of the 5 largest producers in the world), tin (one of the largest producers in the world), niobium (concentrates 98% of reserves known to the world) and nickel. In terms of precious stones, Brazil is the world's largest producer of amethyst, topaz, agate and one of the main producers of tourmaline, emerald, aquamarine and garnet.[28][29][30][31][32][33] Chile contributes about a third of the world copper production. In 2018, Peru was the 2nd largest producer of silver and copper in the world, and the 6th largest producer of gold (the 3 metals that generate the highest value), in addition to being the 3rd largest producer in the world of zinc and tin and 4th in lead. Bolivia is the 5th largest producer of tin, the 7th largest producer of silver, and the 8th largest producer of zinc in the world[34][35]Mexico is the largest producer of silver in the world, representing almost 23% of world production, producing more than 200 million ounces in 2019. It also has important copper and zinc and produces a significant amount of gold.[36]

In the production of oil, Brazil was the 10th largest oil producer in the world in 2019, with 2.8 million barrels / day. Mexico was the twelfth largest, with 2.1 million barrels / day, Colombia in 20th place with 886 thousand barrels / day, Venezuela was the twenty-first place, with 877 thousand barrels / day, Ecuador in 28th with 531 thousand barrels / day and Argentina. 29 with 507 thousand barrels / day. Since Venezuela and Ecuador consume little oil and export most of their production, they are part of OPEC. Venezuela had a big drop in production after 2015 (where it produced 2.5 million barrels / day), falling in 2016 to 2.2 million, in 2017 to 2 million, in 2018 to 1.4 million and in 2019 to 877 thousand, due to lack of investments.[37]

In the production of natural gas, in 2018, Argentina produced 1,524 bcf (billions of cubic feet), Mexico produced 999, Venezuela 946, Brazil 877, Bolivia 617, Peru 451, Colombia 379.[38]

Manufacturing edit

 
A maquiladora assembly plant in Mexico
 
Braskem, the largest Brazilian chemical industry
 
EMS, the largest Brazilian pharmaceutical industry

Although a significant proportion of production is in the mining and agricultural sectors, various countries of Latin America have significant manufacturing sectors as well. The economies of Argentina, Brazil, Chile, and Mexico have been the most heavily industrialized countries, accounting for 75% of Latin America's manufacturing sector.[39] In a number of cases, governments followed policies of import substitution industrialization, setting up tariffs against foreign manufactured goods in order to encourage domestic manufacturing industries.[40] Latin America has developed a significant automotive manufacturing, with foreign companies setting up plants in Brazil, Mexico, and elsewhere.[41] In Mexico, for example, the Ford Motor Company set up a plant in 1925, and the automotive industry in Mexico includes most of the major car makers.[42][43] Assembly plants known as maquiladoras or maquilas, where imported components are turned into finished products and then exported have boomed along the U.S.–Mexico border.[44] Brazil's automotive industry played an important role in the country's industrial development.[45] Because of the transportation challenges in Brazil, with coastal cities not easily connected by road or rail, the country took steps to develop an aircraft industry and in 1969, the company Embraer was founded, specializing in regional jets.[46]

The World Bank annually lists the top manufacturing countries by total manufacturing value. According to the 2019 list, Mexico would have the twelfth most valuable industry in the world (US$217.8 billion), Brazil has the thirteenth largest (US$173.6 billion), Venezuela the thirtieth largest (US$58.2 billion, however, which depend on oil to obtain this value), Argentina the 31st largest (US$57.7 billion), Colombia the 46th largest (US$35.4 billion), Peru the 50th largest (US$28.7 billion) and Chile the 51st largest (US$28.3 billion).[47]

In Latin America, few countries achieve projection in industrial activity: Brazil, Argentina, Mexico and, less prominently, Chile. Begun late, the industrialization of these countries received a great boost from World War II: this prevented the countries at war from buying the products they were used to importing and exporting what they produced. At that time, benefiting from the abundant local raw material, the low wages paid to the labor force and a certain specialization brought by immigrants, countries such as Brazil, Mexico and Argentina, as well as Venezuela, Chile, Colombia and Peru, were able to implement important industrial parks. In general, in these countries there are industries that require little capital and simple technology for their installation, such as the food processing and textile industries. The basic industries (steel, etc.) also stand out, as well as the metallurgical and mechanical industries.

The industrial parks of Brazil, Mexico, Argentina and Chile, however, present much greater diversity and sophistication, producing advanced technology items. In the rest of Latin American countries, mainly in Central America, the processing industries of primary products for export predominate.

In the food industry, in 2019, Brazil was the second largest exporter of processed foods in the world.[48][49][50] In 2016, the country was the 2nd largest producer of pulp in the world and the 8th producer of paper.[51][52][53] In the footwear industry, in 2019, Brazil ranked 4th among world producers.[54][55][56][57] In 2019, the country was the 8th producer of vehicles and the 9th producer of steel in the world.[58][59][60] In 2018, the chemical industry of Brazil was the 8th in the world.[61][62][63] In textile industry, Brazil, although it was among the 5 largest world producers in 2013, is very little integrated in world trade.[64] In the aviation sector, Brazil has Embraer, the third largest aircraft manufacturer in the world, behind Boeing and Airbus.

Gallery edit

  •  
    Grape plantation in Argentina. Argentina and Chile are among the 10 largest grape and wine producers in the world and Brazil among the 20 largest.
  •  
    Maize in Dourados. Brazil, Argentina and Mexico are among the 10 largest world producers
  •  
    Salmon farming in Chile. One third of all salmon sold in the world comes from the country.
  •  
    Neugebauer Chocolate Factory in Arroio do Meio. Latin America specializes in food processing
  •  
    Steel-maker CSN, in Volta Redonda. Brazil is one of the 10 largest steel producers in the world; Mexico is one of the 15 largest and Argentina one of the 30 largest
  •  
    Klabin industrial complex, in Ortigueira. Brazil is the second largest pulp producer and the eighth largest paper producer in the world
  •  
    Portico of the Democrata men's shoe factory, in Franca. Brazil is the fourth largest shoe manufacturer in the world.
  •  
    Hering, in Santa Catarina, Brazil. The country has one of the 5 largest textile industries in the world
  •  
    Mercedes-Benz plant in São Paulo. Mexico and Brazil are among the 10 largest vehicle manufacturers in the world and Argentina among the 30 largest.
  •  
    Copper mine in Chile. Latin America produces more than half of the world's copper
  •  
    Colombian emerald. The country is the largest producer of emeralds in the world, and Brazil is one of the largest producers
  •  
    Copacabana Palace, the best hotel in South America, in Rio de Janeiro. Tourism brings important currencies to the continent.
  •  
    Honey production in Argentina. The country is the third largest producer of honey in the world.
  •  
    Sunflower plantation in Argentina. The country is the world's third largest producer of sunflower seed.
  •  
    Chilean cherries. Chile is one of the top 5 producers of sweet cherries in the world.
  •  
    Chilean kiwi. The country is one of the 10 largest kiwi producers in the world.
  •  
    Palm plantation in Magdalena. Colombia is one of the top 5 palm oil producers in the world.
  •  
    Pineapple in Veracruz, Mexico. Latin America produces 35% of the world's pineapple.

Financial edit

Latin American countries have had functioning banks and stock exchanges since the nineteenth century. Central banks have been established in most countries of Latin America to issue currency, manage flows, and implement monetary policy. In countries where there was significant commodity export activity and foreign capital presence, stock exchanges were established in the nineteenth century: Rio de Janeiro, Brazil (1845); Buenos Aires, Argentina (1854); Peru (1860); Rosario, Argentina; Mexico (1886); Uruguay (1867). Most other Latin American countries that created stock exchanges did so in the late twentieth century.

In the late twentieth century, narcotrafficking, particularly cocaine in parts of Latin America infused some economies with large amounts of cash. Two Colombian narcotrafficking organizations, the Cali Cartel and the Medellin Cartel, utilized the First InterAmericas Bank to launder large amounts of money in Panama.[65] Data leaks such as the Panama Papers indicate the importance of money laundering in that country, where the Mossack Fonseca ran a global network of money laundry in the main financial centers like London, NYC, Hong Kong, Singapore, man island, Jersey, Monaco, Zürich. 90% of the laundry was made in the developed countries. Panamá by year could clean 3 billion dollars, but centers like London at least 63 billions per year.[citation needed]

Infrastructure edit

 
Panama Canal expansion project; New Agua Clara locks (Atlantic side)
 
Rodovia dos Bandeirantes, Brazil
 
Ruta 9 / 14, in Zarate, Argentina
 
Rio–Niterói Bridge

In Latin America, the level of infrastructure is described as inadequate and is one of the region's main barriers to economic growth and development.[10] The International Monetary Fund reports that there is a positive correlation between infrastructure quality and income levels in Latin American countries, however, countries in Latin America have lower quality infrastructure relative to other countries with similar income levels. This causes a loss of competitiveness due to the quality of physical infrastructure has been a significant drag on economic growth.[10]

Governments play an important role in encouraging infrastructure investment. In Latin America, there are sectoral planning institutions in place across the region, but many key attributes can be improved. The International Monetary Fund found that Latin America performs poorly in the availability of funding for infrastructure and the availability of multiyear budgeting frameworks.

Latin America invests roughly 3% of its GDP into infrastructure projects.[11] The Financial Times suggests that infrastructure spending should be at least 6% for Latin America to reach its infrastructure goals.[11] This can be done by promoting private sector participation. The Private sector also plays an active role in supplying infrastructure. Governments in Latin America do a poor job of encouraging private sector participation.[10] Developing financial markets for infrastructure bonds and other financial products can help governments mobilize resources for infrastructure projects while limiting their exposure to currency risk.

While infrastructure in Latin America still has room to grow, there are encouraging signs for investment in Latin American infrastructure.[66] In 2013, private equity firms invested more than $3.5 billion in energy, telecom, and supply chain development. Governments are still looking for small partnerships between the public and private sectors to reduce inadequacies in the trade dynamic. Panama has taken steps in the direction to integrate its physical infrastructure for supply chain capacity. Panama completed the expansion of the Panama Canal to accommodate larger ships that exceeded Panamax size. In 2014, Panama built the new Tocumen International Airport and the Colón Free Trade Zone are major mechanisms to enhance supply chains in Panama.[66]

China has had ambitious infrastructure project plans in Latin America, including a railway line linking the Atlantic and Pacific regions of Colombia, and an even longer one from Brazil to Peru, but plans have not translated to completed projects.[67] A Hong Kong-financed project with the government of Nicaragua has plans to construct the Nicaragua Interoceanic Grand Canal Project through Lake Nicaragua, the largest lake in Central America, to compete with the Panama Canal. The Hong Kong-based HKND group the sole concessionaire.[68]

A major international highway, completed in 2012, has linked Brazil with Peru via the Interoceanic Highway. It has economic benefits, but it also opens up areas of Amazonia to environmental degradation.[69] Brazil has also funded a major upgrade of the Cuba port of Mariel, Cuba to handle large container ships.[70]

Transport in Latin America is basically carried out using the road mode, the most developed in the region. There is also a considerable infrastructure of ports and airports. The railway and fluvial sector, although it has potential, is usually treated in a secondary way.

Brazil has more than 1.7 million km of roads, of which 215,000 km are paved, and about 14,000 km are divided highways. The two most important highways in the country are BR-101 and BR-116.[71] Argentina has more than 600,000 km of roads, of which about 70,000 km are paved, and about 2,500 km are divided highways. The three most important highways in the country are Route 9, Route 7 and Route 14.[71] Colombia has about 210,000 km of roads, and about 2,300 km are divided highways.[72] Chile has about 82,000 km of roads, 20,000 km of which are paved, and about 2,000 km are divided highways. The most important highway in the country is the Route 5 (Pan-American Highway)[73] These 4 countries are the ones with the best road infrastructure and with the largest number of double-lane highways, in South America.

The roadway network in Mexico has an extent of 366,095 km (227,481 mi),[74] of which 116,802 km (72,577 mi) are paved,[75][76] Of these, 10,474 km (6,508 mi) are multi-lane expressways: 9,544 km (5,930 mi) are four-lane highways and the rest have 6 or more lanes.[75]

Due to the Andes Mountains, Amazon River and Amazon Forest, there have always been difficulties in implementing transcontinental or bioceanic highways. Practically the only route that existed was the one that connected Brazil to Buenos Aires, in Argentina and later to Santiago, in Chile. However, in recent years, with the combined effort of countries, new routes have started to emerge, such as Brazil-Peru (Interoceanic Highway), and a new highway between Brazil, Paraguay, northern Argentina and northern Chile (Bioceanic Corridor).

 
Rio de Janeiro International Airport
 
Port of Itajaí, Santa Catarina, Brazil

There are more than 2,000 airports in Brazil. The country has the second largest number of airports in the world, behind only the United States. São Paulo International Airport, located in the Metropolitan Region of São Paulo, is the largest and busiest in the country – the airport connects São Paulo to practically all major cities around the world. Brazil has 44 international airports, such as those in Rio de Janeiro, Brasília, Belo Horizonte, Porto Alegre, Florianópolis, Cuiabá, Salvador, Recife, Fortaleza, Belém and Manaus, among others. Argentina has important international airports such as Buenos Aires, Cordoba, Bariloche, Mendoza, Salta, Puerto Iguazú, Neuquén and Usuhaia, among others. Chile has important international airports such as Santiago, Antofagasta, Puerto Montt, Punta Arenas and Iquique, among others. Colombia has important international airports such as Bogotá, Medellín, Cartagena, Cali and Barranquilla, among others. Peru has important international airports such as Lima, Cuzco and Arequipa. Other important airports are those in the capitals of Uruguay (Montevideo), Paraguay (Asunción), Bolivia (La Paz) and Ecuador (Quito). The 10 busiest airports in South America in 2017 were: São Paulo-Guarulhos (Brazil), Bogotá (Colombia), São Paulo-Congonhas (Brazil), Santiago (Chile), Lima (Peru), Brasília (Brazil), Rio de Janeiro (Brazil), Buenos Aires-Aeroparque (Argentina), Buenos Aires-Ezeiza (Argentina), and Minas Gerais (Brazil).[77]

There are 1,834 airports in Mexico, the third-largest number of airports by country in the world.[78] The seven largest airports—which absorb 90% of air travel—are (in order of air traffic): Mexico City, Cancún, Guadalajara, Monterrey, Tijuana, Acapulco, and Puerto Vallarta.[79] Considering all of Latin America, the 10 busiest airports in 2017 were: Mexico City (Mexico), São Paulo-Guarulhos (Brazil), Bogotá (Colombia), Cancún (Mexico), São Paulo-Congonhas (Brazil), Santiago ( Chile), Lima (Peru), Brasilia (Brazil), Rio de Janeiro (Brazil) and Tocumen (Panama).[77]

About ports, Brazil has some of the busiest ports in South America, such as Port of Santos, Port of Rio de Janeiro, Port of Paranaguá, Port of Itajaí, Port of Rio Grande, Port of São Francisco do Sul and Suape Port. Argentina has ports such as Port of Buenos Aires and Port of Rosario. Chile has important ports in Valparaíso, Caldera, Mejillones, Antofagasta, Iquique, Arica and Puerto Montt. Colombia has important ports such as Buenaventura, Cartagena Container Terminal and Puerto Bolivar. Peru has important ports in Callao, Ilo and Matarani. The 15 busiest ports in South America are: Port of Santos (Brazil), Port of Bahia de Cartagena (Colombia), Callao (Peru), Guayaquil (Ecuador), Buenos Aires (Argentina), San Antonio (Chile), Buenaventura (Colombia), Itajaí (Brazil), Valparaíso (Chile), Montevideo (Uruguay), Paranaguá (Brazil), Rio Grande (Brazil), São Francisco do Sul (Brazil), Manaus (Brazil) and Coronel (Chile).[80]

The four major seaports concentrating around 60% of the merchandise traffic in Mexico are Altamira and Veracruz in the Gulf of Mexico, and Manzanillo and Lázaro Cárdenas in the Pacific Ocean. Considering all of Latin America, the 10 largest ports in terms of movement are: Colon (Panama), Santos (Brazil), Manzanillo (Mexico), Bahia de Cartagena (Colombia), Pacifico (Panama), Callao (Peru), Guayaquil ( Ecuador), Buenos Aires (Argentina), San Antonio (Chile) and Buenaventura (Colombia).[80]

The Brazilian railway network has an extension of about 30,000 kilometers. It's basically used for transporting ores.[81] The Argentine rail network, with 47,000 km of tracks, was one of the largest in the world and continues to be the most extensive in Latin America. It came to have about 100,000 km of rails, but the lifting of tracks and the emphasis placed on motor transport gradually reduced it. It has four different trails and international connections with Paraguay, Bolivia, Chile, Brazil and Uruguay. Chile has almost 7,000 km of railways, with connections to Argentina, Bolivia and Peru. Colombia has only about 3,500 km of railways.[82]

Among the main Brazilian waterways, two stand out: Hidrovia Tietê-Paraná (which has a length of 2,400 km, 1,600 on the Paraná River and 800 km on the Tietê River, draining agricultural production from the states of Mato Grosso, Mato Grosso do Sul, Goiás and part of Rondônia, Tocantins and Minas General) and Hidrovia do Solimões-Amazonas (it has two sections: Solimões, which extends from Tabatinga to Manaus, with approximately 1600 km, and Amazonas, which extends from Manaus to Belém, with 1650 km. Almost entirely passenger transport from the Amazon plain is done by this waterway, in addition to practically all cargo transportation that is directed to the major regional centers of Belém and Manaus). In Brazil, this transport is still underutilized: the most important waterway stretches, from an economic point of view, are found in the Southeast and South of the country. Its full use still depends on the construction of locks, major dredging works and, mainly, of ports that allow intermodal integration. In Argentina, the waterway network is made up of the La Plata, Paraná, Paraguay and Uruguay rivers. The main river ports are Zárate and Campana. The port of Buenos Aires is historically the first in individual importance, but the area known as Up-River, which stretches along 67 km of the Santa Fé portion of the Paraná River, brings together 17 ports that concentrate 50% of the total exports of the country.

Energy edit

Brazil edit

Main articles: Energy policy of Brazil and Renewable energy in Brazil
 
Itaipu Dam in Paraná.
 
Wind power in Parnaíba.
 
Angra Nuclear Power Plant in Angra dos Reis, Rio de Janeiro

The Brazilian government has undertaken an ambitious program to reduce dependence on imported petroleum. Imports previously accounted for more than 70% of the country's oil needs but Brazil became self-sufficient in oil in 2006–2007. Brazil was the 10th largest oil producer in the world in 2019, with 2.8 million barrels / day. Production manages to supply the country's demand.[83] In the beginning of 2020, in the production of oil and natural gas, the country exceeded 4 million barrels of oil equivalent per day, for the first time. In January this year, 3.168 million barrels of oil per day and 138.753 million cubic meters of natural gas were extracted.[84]

Brazil is one of the main world producers of hydroelectric power. In 2019, Brazil had 217 hydroelectric plants in operation, with an installed capacity of 98,581 MW, 60.16% of the country's energy generation.[85] In the total generation of electricity, in 2019 Brazil reached 170,000 megawatts of installed capacity, more than 75% from renewable sources (the majority, hydroelectric).[86][87]

In 2013, the Southeast Region used about 50% of the load of the National Integrated System (SIN), being the main energy consuming region in the country. The region's installed electricity generation capacity totaled almost 42,500 MW, which represented about a third of Brazil's generation capacity. The hydroelectric generation represented 58% of the region's installed capacity, with the remaining 42% corresponding basically to the thermoelectric generation. São Paulo accounted for 40% of this capacity; Minas Gerais by about 25%; Rio de Janeiro by 13.3%; and Espírito Santo accounted for the rest. The South Region owns the Itaipu Dam, which was the largest hydroelectric plant in the world for several years, until the inauguration of Three Gorges Dam in China. It remains the second largest operating hydroelectric in the world. Brazil is the co-owner of the Itaipu Plant with Paraguay: the dam is located on the Paraná River, located on the border between countries. It has an installed generation capacity of 14 GW for 20 generating units of 700 MW each. North Region has large hydroelectric plants, such as Belo Monte Dam and Tucuruí Dam, which produce much of the national energy. Brazil's hydroelectric potential has not yet been fully exploited, so the country still has the capacity to build several renewable energy plants in its territory.[88][89]

As of July 2022, according to ONS, total installed capacity of wind power was 22 GW, with average capacity factor of 58%.[90][91] While the world average wind production capacity factors is 24.7%, there are areas in Northern Brazil, specially in Bahia State, where some wind farms record with average capacity factors over 60%;[92][93] the average capacity factor in the Northeast Region is 45% in the coast and 49% in the interior.[94] In 2019, wind energy represented 9% of the energy generated in the country.[95] In 2019, it was estimated that the country had an estimated wind power generation potential of around 522 GW (this, only onshore), enough energy to meet three times the country's current demand.[96][97] In 2021 Brazil was the 7th country in the world in terms of installed wind power (21 GW),[98][99] and the 4th largest producer of wind energy in the world (72 TWh), behind only China, USA and Germany.[100]

Nuclear energy accounts for about 4% of Brazil's electricity.[101] The nuclear power generation monopoly is owned by Eletronuclear (Eletrobrás Eletronuclear S/A), a wholly owned subsidiary of Eletrobrás. Nuclear energy is produced by two reactors at Angra. It is located at the Central Nuclear Almirante Álvaro Alberto (CNAAA) on the Praia de Itaorna in Angra dos Reis, Rio de Janeiro. It consists of two pressurized water reactors, Angra I, with capacity of 657 MW, connected to the power grid in 1982, and Angra II, with capacity of 1,350 MW, connected in 2000. A third reactor, Angra III, with a projected output of 1,350 MW, is planned to be finished.[102]

As of October 2022, according to ONS, total installed capacity of photovoltaic solar was 21 GW, with average capacity factor of 23%.[103] Some of the most irradiated Brazilian States are MG ("Minas Gerais"), BA ("Bahia") and GO (Goiás), which have indeed world irradiation level records.[104][93][105] In 2019, solar power represented 1.27% of the energy generated in the country.[95] In 2021, Brazil was the 14th country in the world in terms of installed solar power (13 GW),[106] and the 11th largest producer of solar energy in the world (16.8 TWh).[107]

In 2020, Brazil was the 2nd largest country in the world in the production of energy through biomass (energy production from solid biofuels and renewable waste), with 15,2 GW installed.[108]

Other countries edit

After Brazil, Mexico is the country in Latin America that most stands out in energy production. In 2020, the country was the 14th largest petroleum producer in the world, and in 2018 it was the 12th largest exporter. In natural gas, the country was, in 2015, the 21st largest producer in the world, and in 2007 it was the 29th largest exporter. Mexico was also the world's 24th largest producer of coal in 2018. In renewable energies, in 2020, the country ranked 14th in the world in terms of installed wind energy (8.1 GW), 20th in the world in terms of installed solar energy (5.6 GW) and 19th in the world in terms of installed hydroelectric power (12.6 GW). In third place, Colombia stands out: In 2020, the country was the 20th largest petroleum producer in the world, and in 2015 it was the 19th largest exporter. In natural gas, the country was, in 2015, the 40th largest producer in the world. Colombia's biggest highlight is in coal, where the country was, in 2018, the world's 12th largest producer and the 5th largest exporter. In renewable energies, in 2020, the country ranked 45th in the world in terms of installed wind energy (0.5 GW), 76th in the world in terms of installed solar energy (0.1 GW) and 20th in the world in terms of installed hydroelectric power (12.6 GW). Venezuela, which was one of the world's largest oil producers (about 2.5 million barrels/day in 2015) and one of the largest exporters, due to its political problems, has had its production drastically reduced in recent years: in 2016, it dropped to 2.2 million, in 2017 to 2 million, in 2018 to 1.4 million and in 2019 to 877 thousand, reaching only 300,000 barrels/day at a given point. The country also stands out in hydroelectricity, where it was the 14th country in the world in terms of installed capacity in 2020 (16,5 GW). Argentina was, in 2017, the 18th largest producer in the world, and the largest producer in Latin America, of natural gas, in addition to being the 28th largest oil producer; although the country has the Vaca Muerta field, which holds close to 16 billion barrels of technically recoverable shale oil, and is the second largest shale natural gas deposit in the world, the country lacks the capacity to exploit the deposit: it is necessary capital, technology and knowledge that can only come from offshore energy companies, who view Argentina and its erratic economic policies with considerable suspicion, not wanting to invest in the country. In renewable energies, in 2020, the country ranked 27th in the world in terms of installed wind energy (2.6 GW), 42nd in the world in terms of installed solar energy (0.7 GW) and 21st in the world in terms of installed hydroelectric power (11.3 GW). The country has great future potential for the production of wind energy in the Patagonia region. Chile, although currently not a major energy producer, has great future potential for solar energy production in the Atacama Desert region. Paraguay stands out today in hydroelectric production thanks to the Itaipu Power Plant. Trinidad and Tobago and Bolivia stand out in the production of natural gas, where they were, respectively, the 20th and 31st largest in the world in 2015. Ecuador, because it consumes little energy, is part of OPEC and was the 27th largest oil producer in the world in 2020, being the 22nd largest exporter in 2014.[109][110][111][112][98]

Main economies in the current era edit

Brazil edit

Main article: Economy of Brazil
See also: Economic history of Brazil
 
Air France airplane built by Embraer

In 2016, Brazil's currency appreciated by 30% and their stock market, the Bovespa, returned 70%.[93] Investors do not expect a similar rate of return in 2017 but they are expecting modest returns. The Ibovespa is the largest stock exchange in Latin America, so it is often used by investors to study investment trends in Latin America.[113] The economy in Brazil is recovering from its most severe recession since it began tracking economic data. Following Dilma Rousseff's impeachment, Brazil is experiencing a period of political certainty and rising consumer and business confidence.[93] Unemployment is expected to increase in 2017 and inflation will slowly return to its target range.[113]

A 2016 report on Brazil's economy suggests that Brazil's fiscal stance is mildly contractionary which strikes a good balance between macroeconomic requirements and stability.[113] This shows that the Brazilian government is committed to restoring the sustainability of public finance through a steady path.[113] Fiscal adjustment will allow monetary policy to loosen and encourage foreign and domestic investment. Brazil's rising productivity depends on the strengthening of its competition, improvement of infrastructure, and fewer administrative barriers.[113]

Brazilian president Michel Termer and former governor of the central bank, Henrique Meirelles, have proposed an overhaul of Brazil's economic governance.[114] Under this plan, public spending, including the pension system, will be cut and regulations will be lifted, beginning in the oil and gas sector, which has suffered due to over leverage and corruption. Over the past 20 years, public spending has increased annually by 6%, which has grown the deficit to −2.3% of GDP for the year ending in April 2016. Prospects for the Brazilian economy have garnered hope among investors and entrepreneurs. The yield on the Brazilian bond has fallen from 17% in January 2016 to 13% in June 2016, showing confidence in Brazil's financial future.[114]

Argentina edit

Main article: Economy of Argentina
See also: Economic history of Argentina
 
Sheep in Argentina. The country is the 11th largest wool producer in the world.
 
Sunflower plantation in Argentina. The country is the world's third largest producer of sunflower seed.

The OECD expects Economic growth in Argentina to increase in 2017 and 2018 due to recent economic reforms.[115] In 2016, Argentina reformed the national statistics agency, causing an upgrade in Argentina's credibility. This enabled the central bank to increase interest rates, contain inflation, and respond to exchange rate pressures.[115]

The latest inflation data shows that the inflation rate will stabilize at a 1.5% month over month, with expectations anchored at 20% YoY.[115] Inflation in 2017 is set to slow down due to a restrictive monetary policy and stable exchange rate.[116] 2016 has affirmed the credibility of the Argentine central bank and its transparency efforts. The government is seeking to adjust wages at the level of inflation while unions are seeking for adjustments past inflation targets.

In mid-2016, Argentina saw a low point of economic activity with weak first and second quarters and strong third and fourth quarters due to organized corruption, union labor breaking. The decline in GDP reached −3.4% in the second quarter of 2016.[115] BBVA research expects improvements in the coming year for industrial activity oriented in foreign markets, driven by the recovery of Brazil. Household consumption began improving at the end of 2015 due to higher retirement income catalyzed by the implementation of the historical reparations program.

In 2015, Argentina's top exports were oil-cake, soya beans, crude soya bean oil, maize, and diesel powered trucks.[117]

Colombia edit

Main article: Economy of Colombia
See also: Economic history of Colombia
 
Oil palm plantation in Magdalena, Colombia. The country is one of the world's top 5 producers of palm oil.

Colombia has a strong export sector, with petroleum, coal, emeralds, coffee, and cut flowers the top commodities exported in 2015.[118]

BBVA Research suggests that consumption and investment have undergone an adjustment and caused domestic demand to fall below total GDP.[119] The economy is expected to grow at a rate of 2.4% in 2017.[93]

Falling imports and lower profit repatriation caused the deficit to stand at 4.8% of the GDP at the end of 2016. This deficit is expected to stand at 3.8% of GDP in 2017.[93] Current exchange rate levels will help the external deficit correct itself. In 2017, the Colombian Peso is expected to trade at 3,007 COP per 1 USD.

At the end of 2016, the Congress of Colombia approved a tax reform bill, with the goal of making public accounts more sustainable and replacing revenue that the government lost from the oil sector.[93] This reform is expected to increase non-oil revenue by 0.8% of GDP in 2017 and will gradually increase in future years.[93]

Recent economic data supports a slowdown of growth relative to previous estimates.[119] This slow growth is occurring in all areas of domestic demand. Private consumption eased in line with a drop in consumer confidence and the slowdown was beyond the drop of spending in durable goods.

Mexico edit

Main article: Economy of Mexico
See also: Economic history of Mexico
 
Pineapple in Veracruz, Mexico. Latin America produces 35% of the world's pineapple

Mexico's imports and exports reflect its membership in NAFTA, with significant trade with the U.S. and Canada. In 2015, the top export goods from Mexico were automobiles and trucks, petroleum, televisions, and digital processing units.[120]

Scotiabank expects Mexico's economic growth to be largely influenced by the economic policy of the Trump Administration.Expectations of shifts in trade with the United States, immigration, and monetary policy have caused the Mexican currency markets to be volatile.[121]

Mexico is a major producer of crude oil and natural gas.[122] Mining is an important sector of the Mexican economy, with production of silver (world rank:1); fluorspar (world rank:2); strontium (world rank:3); bismuth (world rank:3); lead (world rank:5); cadmium (world rank:5); and zinc (world rank:7).[123]

Tourism in Mexico is a major economic sector, with the 2017 Travel and Tourism Competitiveness Report placing Mexico at 22 of the top 30 tourist destinations in the world.

Chile edit

Main article: Economy of Chile
See also: Economic history of Chile
 
Chilean cherries. Chile is one of the 5 largest producers of sweet cherry in the world

Growth in Chile's economy is projected to increase in 2017 and 2018 due to high demand for Chilean exports and an increase in investment and private consumption.[124] In 2016, economic activity was driven by the services sector and dampened by mining and manufacturing.[124]

An increase in unemployment is expected from 6.5% to 7.1%. The investment environment in Chile is expected to see a positive shift and will be realized by lower investments in mining, and a rebound in other sectors.[124] Measures to increase productivity and investment will help diversify the economy and support sustainable growth. In 2016, inflation receded to 2.7%, 0.3% lower than the central bank's target.[124]

Chile is most closely associated with the mining industry, though it is not the only important industry in Chile. An eighth of the working population is employed in this industry.[124] Codelco is the world's biggest copper exporting company. In addition to copper, Chile also mines gold, silver, and cement materials. While Chilean administrations have been trying to diversify the economy, a strong mining industry has been the basis for financial stability.[124]

Foreign investment edit

The European Investment Bank has invested in Latin America since 1993, backing 150 projects in 15 countries for more than €13 billion.[125]

In 2020, the European Investment Bank provided €516 million in finance in Latin America and the Caribbean, contributing to sustainable and equitable development as well as climate action. All EIB loans in the area were made to public sector borrowers, mostly national development banks and a few new partners.[126] In 2020 the European Investment Bank provided €462 million in Latin America, of which €278 million was due to the COVID-19 pandemic.[127][128] Since 2022, the bank has signed 15 Global Gateway contracts in this region for a combined €1.7 billion, and it anticipates investments totalling about €4.6 billion over the next few years.[125][129]

Brazil edit

Brazil has seen a slowdown in foreign investment after reaching a zenith of $64 billion of foreign investment in 2013. Despite its arcane law requiring foreign investors to deposit money with its Central Bank before being allowed to have a business operating, no government or multinational has protested this, fearing antagonizing the powers that be in Brazil. Brazil has yet to make public its investment laws on foreign investors seeking permanent Brazilian visas such as Chinese, Korean, and Japanese investors.[130] Foreign investment in Brazil declined in 2016, however, Brazil is still the largest recipient of foreign investment in Latin America. Investors are attracted to Brazil because of its market of 210 million inhabitants, easy access to raw materials, and a strategic geographic position. The main investors in Brazil are the United States, Spain, and Belgium. With the impeachment of Dilma Rousseff and the embezzlement scandal behind them, Brazil is set to benefit from stronger commodity prices and attract more foreign investment.[130] Brazil's top exports in 2015 were soya, petroleum, iron ore, raw cane sugar, and oil-cake.[131]

In 2020, the European Investment Bank partnered with Mexican development banks (NAFIN) and Brazilian development banks (Banco do Nordeste do Brasil, or BNB) to assist micro-enterprises affected by the COVID-19 pandemic. The goals of the €200 million loan to Banco do Nordeste do Brasil are to promote women's empowerment in business while helping to alleviate poverty.[132][133] Such a loan also assists in meeting the working capital and investment needs of Brazilian micro-enterprises affected by the COVID-19 pandemic in northeast Brazil, with a focus on the most vulnerable and low-income borrowers in the region.[132][134]

BNB will give micro-entrepreneurs with short-term loans of less than €1000 through its Crediamigo program, with a special emphasis on funding for female-led firms.[132][135] This operation adheres to the Bank's 2X challenge criteria, which are in accordance with the EIB Group Strategy on Gender Equality and Women's Economic Empowerment. Bank Ademi and Bank Adopem especially both adhere to the criteria, and assist women borrowers throughout Brazil.[132][136]

Argentina edit

Argentina ranks fourth in South America in terms of foreign investment and sixth in terms of foreign investment influx.[137] Argentina has access to natural resources (copper, oil, and gas) and a highly skilled workforce. In the past, Argentina has suffered from restrictions that were placed on foreign investment in agriculture, which is important for the country's food security.[137] Santander Bank expects Argentina to receive an influx of foreign investment thanks to the favorable business environment set by President Mauricio Macri.[137]

Colombia edit

The improving security environment in has restored investor sentiment in Colombia.[138] This has caused a growth in foreign investments, mostly in mining and energy projects. Over the past 10 years, Bogotá has received 16.7 billion in direct foreign investment in financial services and communications, allowing it to emerge as a leading business center in Latin America.[138] BBVA Continental expects investors in Colombia will also benefit from a strong legislative framework.[119]

Mexico edit

Mexico is one of the world's main destinations for foreign investments (#10 in 2016), however, Mexico is also the country that will be most affected by protectionist U.S. trade policies.[139] In recent years, investments in Mexico have been hampered by the growth of organized crime, corruption, and administrative inefficiencies.[139] In 2014, the government planned new industrial centers which would require foreign investment. Additionally, the IMF reports that the exploitation of Mexico's Hydrocarbon reserves will require an annual investment of $40 billion from 2015 to 2019.[139]

The European Investment Bank provided a $150 million loan to Nacional Financiera (NAFIN), one of Mexico's premier development banks, to help Mexican microenterprises dealing with the COVID-19 pandemic meet their operating capital and investment needs.[140][141]

Chile edit

The influx of foreign investments in Chile has grown every year from 2010 to 2015.[142] In terms of foreign investment, Chile is the region's second most attractive country, after Brazil, however, the investment cycle in Chile is variable because it is linked to mining projects.[142] Chilean economics are founded on the principles of transparency and non-discrimination against foreign investors. Investors are attracted to Chile due to its natural resources, macroeconomic stability, security, and growth potential.[142]

Regional risks edit

Currency risks edit

Over the past five years, dollar-based investors in Latin America have experienced losses driven by a depreciation of local exchange rates.[143] Looking forward to 2017, several factors suggest that current exchange rates will provide positive tailwinds to dollar-based investors over the next several years.:[143]

  • Local currencies appear undervalued on a PPP basis: Latin American currencies are seeing an increase in purchasing power. Cheaper goods and services in Latin America will stimulate an appreciation in local currencies.[143]
  • Real exchange rates have declined enough to resolve current accounts deficits: Low currencies are resulting in a decreased demand for imported goods and stimulus for foreign demand for exports. Cheap exchange rates have set the stage for strong trade dynamics moving forward which should increase demand for Latin American currencies.[143]
  • Commodity prices are rising: Commodity prices are trading at 64% below their peak in 2007.[143]
  • Interest rate differentials are stimulating capital flows in Latin America: The monetary policies of central banks in the region are supportive of strong currency levels. Central banks have acted and raised interest rates to maintain price stability. With decreasing inflation, the real return differentials between the Dollar and Latin American currencies are attractive enough to carry trade into these local currencies and support appreciation.[143]

Trade uncertainty edit

Potential import tariffs from the United States and limits on trade present significant risks for Latin American economies.[144] Uneasiness over a United States' shift away from a free trade policy was manifested on November 9, 2016, where the Mexican Peso lost 15% of its value.[144] The Economist warns that this knock on confidence will produce unwanted effects on the Mexican economy in the form of weak private consumption and foreign investment.[144]

The context of potential U.S. policy shifts affecting trade will cause diplomatic relations between the United States and Latin America to be more volatile.[144] Latin America stands to suffer from global economic repercussions of such as fluctuations in the stock and commodities market.[144] Volatility in commodity prices, to which Latin American economies are highly exposed, could be a big shock to the Latin America's economic growth.[144]

See also edit

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Further reading edit

  • Bauer, Arnold J. Goods, Power, History: Latin America's Material Culture. New York: Cambridge University Press 2001.
  • Bernecker, Walter L., and Hans Werner Tobler, eds. Development and Underdevelopment in America: Contrasts of Economic Growth in North and Latin America in Historical Perspective. Berlin 1993.
  • Bethell, Leslie, ed. The Cambridge History of Latin America, vol. 6. Latin America Since 1930: Economy, Society, and Politics. New York: Cambridge University Press 1994.
  • Bulmer-Thomas, Victor. The Economic History of Latin America Since Independence. Cambridge: Cambridge University Press 2003.
  • Bulmer-Thomas, Victor, John H. Coatsworth, and Roberto Cortés Conde, eds. The Cambridge Economic History of Latin America. 2 vols. Cambridge: Cambridge University Press 2006.
  • Cárdenas, E., J.A. Ocampo, and Rosemary Thorp, eds. An Economic History of Twentieth-Century Latin America. London: Palgrave 2000.
  • Cardoso, F.H. and E. Faletto. Dependency and Development in Latin America. Berkeley and Los Angeles: University of California Press 1979.
  • Coatsworth, John H. "Inequality, Institutions, and Economic Growth in Latin America," Journal of Latin American Studies 40 (2008): 545–69.
  • Coatsworth, John H. and William R. Summerhill. "The New Economic History of Latin America: Evolution and Recent Contributions" in The Oxford Handbook of Latin American History, José Moya, ed. New York: Oxford University Press 2011, pp. 407–423.
  • Coatsworth, John H. and Alan Taylor, eds. Latin America and the World Economy since 1800. Cambridge: Harvard University Press 1998.
  • ECLAC. Economic Survey of Latin America and the Caribbean 2018. Evolution of investment in Latin America and the Caribbean: stylized facts, determinants and policy challenges. Briefing paper. Economic Commission for Latin America and the Caribbean, 2018.
  • ECLAC. Preliminary Overview of the Economies of Latin America and the Caribbean 2017. Economic Commission for Latin America and the Caribbean, 2018.
  • Engerman, Stanley L. and Kenneth L. Sokoloff, "Factor Endowments, Institutions, and Differential Paths of Growth Among New World Economies" in How Latin America Fell Behind: Essays in the Economic Histories of Brazil and Mexico, 1800–1914. Stanford: Stanford University Press 1997, pp. 260–304.
  • Gootenberg, Paul. "Between a Rock and a Softer Place: Reflections on Some Recent Economic History of Latin America" in Latin American Research Review 39:2 (2004): 239–57.
  • Haber, Stephen H., ed. How Latin America Fell Behind: Essays in the Economic Histories of Brazil and Mexico, 1800–1914. Stanford: Stanford University Press 1997.
  • Haber, Stephen H., ed. Political Institutions and Economic Growth in Latin America. Stanford: Stanford University Press 2000.
  • Joslin, D. A Century of Banking in Latin America. London: Oxford University Press 1963.
  • Lewis, Colin, "Industry in Latin America before 1930" in Leslie Bethell, ed. The Cambridge History of Latin America, vol. 4 c 1870–1930. New York: Cambridge University Press 1986.
  • Lockhart, James and Stuart B. Schwartz. Early Latin America. New York: Cambridge University Press 1983.
  • Ocampo, José Antonio and Rosemary Thorp. eds. The Export Age: The Latin American Economies in the Nineteenth and Early Twentieth Centuries. Basingstoke 2001.
  • Prados de la Escosura, Leandro. "Lost Decades? Economic Performance in Post-Independence Latin America," Journal of Latin American Studies 41 (2209): 279–307.
  • Thorp, Rosemary. Progress, Poverty, and Exclusion: An Economic History of Latin America in the Twentieth Century. Baltimore: IDB 1998.
  • Thorp, Rosemary, ed. Latin America in the 1930s: The Role of the Periphery in the World Crisis. London: Macmillan 1984.
  • Topik, Steven, Carlos Marichal, and Zephyr Frank, eds. From Silver to Cocaine: Latin American Commodity Chains and the Building of the World Economy. Durham: Duke University Press 2006,

April 06, 2024
latin, american, economy, been, suggested, that, this, article, merged, with, economy, south, america, discuss, proposed, since, february, 2024, latin, america, region, multiple, nation, states, with, varying, levels, economic, complexity, export, based, econo. It has been suggested that this article be merged with Economy of South America Discuss Proposed since February 2024 Latin America as a region has multiple nation states with varying levels of economic complexity The Latin American economy is an export based economy consisting of individual countries in the geographical regions of North America Central America South America and the Caribbean The socioeconomic patterns of what is now called Latin America were set in the colonial era when the region was controlled by the Spanish and Portuguese empires Up until independence in the early nineteenth century colonial Latin American regional economies thrived and worked things out Many parts of the region had favorable factor endowments of deposits of precious metals mainly silver or tropical climatic conditions and locations near coasts that allowed for the development of cane sugar plantations In the nineteenth century following independence many economies of Latin America declined 1 2 In the late nineteenth century much of Latin America was integrated into the world economy as an exporter of commodities Foreign capital investment construction of infrastructure such as railroads growth in the labor sector with immigration from abroad strengthening of institutions and expansion of education aided industrial growth and economic expansion 3 A number of regions have thriving economies but poverty and inequality have been deeply rooted in Latin American societies since the early colonial era 4 Map of Latin America showing modern political divisionsAs of 2021 the population of Latin America is 656 million people 5 and the total gross domestic product of Latin America in 2019 was US 5 1 trillion The main exports from Latin America are agricultural products and natural resources such as copper iron and petroleum In 2016 the Latin American economy contracted 0 8 after a stagnant 2015 6 Morgan Stanley suggests that this drop in economic activity is a combination of low commodity prices capital flight and volatility in local currency markets 7 The International Monetary Fund suggests that external conditions influencing Latin America have worsened in the period from 2010 to 2016 but will show growth in 2017 8 Historically Latin America has been an export based with silver and sugar being the motors of the colonial economy The region remains a major source of raw materials and minerals 9 Over time Latin American countries have focused on efforts to integrate their products into global markets 9 Latin America s economy is composed of two main economic sectors agriculture and mining Latin America has large areas of land that are rich in minerals and other raw materials 9 Also the tropical and temperate climates of Latin America makes it ideal for growing a variety of agricultural products 9 Infrastructure in Latin America has been classified as sub par compared to economies with similar income levels 10 There is room to grow and some countries have already taken the initiative to form partnerships with the private sector to increase infrastructure spending 11 The main economies of Latin America are Brazil Argentina Colombia Mexico and Chile These economies have been given positive outlooks for 2017 by Morgan Stanley 7 The Latin American economy is largely based on commodity exports therefore the global price of commodities has a significant effect on the growth of Latin American economies Because of its strong growth potential and wealth of natural resources Latin America has attracted foreign investment from the United States and Europe Contents 1 History 2 Economic sectors 2 1 Main trading partners 3 Sectors by industry 3 1 Agriculture 3 2 Mining and petroleum 3 3 Manufacturing 4 Gallery 4 1 Financial 5 Infrastructure 5 1 Energy 5 1 1 Brazil 5 1 2 Other countries 6 Main economies in the current era 6 1 Brazil 6 2 Argentina 6 3 Colombia 6 4 Mexico 6 5 Chile 7 Foreign investment 7 1 Brazil 7 2 Argentina 7 3 Colombia 7 4 Mexico 7 5 Chile 8 Regional risks 8 1 Currency risks 8 2 Trade uncertainty 9 See also 10 References 11 Further readingHistory editMain article Economic history of Latin AmericaEconomic sectors editMain trading partners edit Country Leading export market Leading import source nbsp Argentina nbsp Brazil nbsp Brazil nbsp Bolivia nbsp Brazil nbsp China nbsp Brazil nbsp China nbsp European Union nbsp Chile nbsp China nbsp China nbsp Colombia nbsp United States nbsp United States nbsp Costa Rica nbsp United States nbsp United States nbsp Cuba nbsp Russia nbsp China nbsp Dominican Republic nbsp United States nbsp United States nbsp Ecuador nbsp United States nbsp United States nbsp El Salvador nbsp United States nbsp United States nbsp Guatemala nbsp United States nbsp United States nbsp Honduras nbsp United States nbsp United States nbsp Mexico nbsp United States nbsp United States nbsp Nicaragua nbsp United States nbsp United States nbsp Panama nbsp European Union nbsp United States nbsp Paraguay nbsp Brazil nbsp China nbsp Peru nbsp China nbsp China nbsp Uruguay nbsp Brazil nbsp China nbsp Venezuela nbsp United States nbsp United StatesSectors by industry editAgriculture edit nbsp Sugarcane plantation in Sao Paulo In 2018 Brazil was the world s largest producer with 746 million tons Latin America produces more than half of the world s sugarcane nbsp Soy plantation in Mato Grosso In 2020 Brazil was the world s largest producer with 130 million tons Latin America produces half of the world s soybeans nbsp Coffee in Minas Gerais In 2018 Brazil was the world s largest producer with 3 5 million tons Latin America produces half of the world s coffee nbsp Orange in Sao Paulo In 2018 Brazil was the world s largest producer with 17 million tons Latin America produces 30 of the world s orange nbsp Truck of a meat company in Brazil Latin America produces 25 of the world s beef and chicken meat Agriculture is a sector of most Latin American economies but in general those countries depending on agriculture as a major component of GDP are less developed than those with a robust industrial sector There is an unequal distribution of landholders dating to the colonial era In many countries a disproportionate number of small cultivators who are not entirely self sufficient subsistence farmers but are not part of the export economy 12 Agricultural productivity itself could be another reason for inequality in a given region That is to say agricultural incomes could lag behind industrial and service sector incomes leading to higher inequality 13 Latin America produces and exports a diverse range of agricultural products such as coffee cacao bananas soya and beef but most countries only produce one or two such exports 14 15 Latin America accounts for 16 of the world s food and agriculture production Brazil and Argentina lead the region in terms of net export due to high grain oilseed and animal protein exports 14 The structure of the agriculture sector is very diverse In Brazil and Argentina large farms account for most of the commercial agriculture but in much of Latin America agriculture production comes from the region s small farms Global demand for agricultural products is rising due to the world s growing population and income levels By 2050 the world s population is expected to reach 9 billion people and the demand for food is forecast to be 60 higher than it was in 2014 14 Distribution of unexploited land in Latin America is very uneven with Brazil and Argentina having the most access to additional land 14 Rabobank reports that Latin American has achieved rates of agricultural productivity that are above the global average however there is a lot of variation in the performance of the individual countries 14 For large commercial farms investment in precision agriculture and plant breeding techniques will lead to an increase in productivity and for small scale farms access to basic technology and information services will lead to an increase in productivity 14 The four countries with the strongest agriculture in South America are Brazil Argentina Chile and Colombia Currently Brazil is the world s largest producer of sugarcane soy coffee orange guarana acai and Brazil nut is one of the top 5 producers of maize papaya tobacco pineapple banana cotton beans coconut watermelon lemon and yerba mate is one of the top 10 world producers of cocoa cashew avocado tangerine persimmon mango guava rice oat sorghum and tomato and is one of the top 15 world producers of grape apple melon peanut fig peach onion palm oil and natural rubber Argentina is the world s largest producer of yerba mate is one of the 5 largest producers in the world of soy maize sunflower seed lemon and pear one of the 10 largest producers in the world of barley grape artichoke tobacco and cotton and one of the 15 largest producers in the world of wheat oat chickpea sugarcane sorghum and grapefruit Chile is one of the 5 largest world producers of cherry and cranberry and one of the 10 largest world producers of grape apple kiwi peach plum and hazelnut focusing on exporting high value fruits Colombia is one of the 5 largest producers in the world of coffee avocado and palm oil and one of the 10 largest producers in the world of sugarcane banana pineapple and cocoa Peru is the world s largest producer of quinoa is one of the 5 largest producers of avocado blueberry artichoke and asparagus one of the 10 largest producers in the world of coffee and cocoa one of the 15 largest producers in the world of potato and pineapple and also has a considerable production of grape sugarcane rice banana maize and cassava its agriculture is considerably diversified Paraguay s agriculture is currently developing being currently the 6th largest producer of soy in the world and entering the list of the 20 largest producers of maize and sugarcane 16 In Central America the following stand out Guatemala one of the 10 largest producers in the world of coffee sugar cane melon and natural rubber and one of the world s 15 largest producers of banana and palm oil Honduras which is one of the 5 largest producers of coffee in the world and one of the 10 largest producers of palm oil Costa Rica which is the world s largest producer of pineapple Dominican Republic which is one of the world s top 5 producers of papaya and avocado and one of the 10 largest producers of cocoa Mexico is the world s largest producer of avocado one of the world s top 5 producers of chili lemon orange mango papaya strawberry grapefruit pumpkin and asparagus and one of the world s 10 largest producers of sugar cane maize sorghum bean tomato coconut pineapple melon and blueberry Brazil is the world s largest exporter of chicken meat 3 77 million tons in 2019 17 18 The country is the holder of the second largest herd of cattle in the world 22 2 of the world herd The country was the second largest producer of beef in 2019 responsible for 15 4 of global production 19 It was also the 3rd largest world producer of milk in 2018 This year the country produced 35 1 billion liters 20 In 2019 Brazil was the 4th largest pork producer in the world with almost 4 million tons 21 In 2018 Argentina was the 4th largest producer of beef in the world with a production of 3 million tons behind only USA Brazil and China Uruguay is also a major meat producer In 2018 it produced 589 thousand tons of beef 22 In the production of chicken meat Mexico is among the 10 largest producers in the world Argentina among the 15 largest and Peru and Colombia among the 20 largest In the production of beef Mexico is one of the 10 largest producers in the world and Colombia is one of the 20 largest producers In the production of pork Mexico is among the 15 largest producers in the world In the production of honey Argentina is among the 5 largest producers in the world Mexico among the 10 largest and Brazil among the 15 largest In terms of cow s milk production Mexico is among the 15 largest producers in the world and Argentina among the 20 23 Mining and petroleum edit nbsp Cerro Rico Potosi Bolivia still a major silver mine nbsp Iron mine in Minas Gerais Brazil is the world s second largest iron ore exporter nbsp Amethyst mine in Ametista do Sul Latin America is a major producer of gems such as amethyst topaz emerald aquamarine and tourmalineMining for precious metals dates to the prehispanic period in Latin America and was the economic driver for the throughout the colonial period in Spanish America and in the eighteenth century in Brazil Extraction of minerals and petroleum dominate certain countries economies rather than agriculture especially Venezuela Mexico Chile and Bolivia 15 In general mining sites had only a local environmental impact using relatively low energy technology such as hand tools but modern mining technologies use machinery and create open pits mines rather than tunnels with considerable environmental impact These enterprises are large scale industrial enterprises requiring considerable capital investment An exception to this model is gold mining in river systems especially the Amazon where poor miners extract gold from auriferous sands and somewhat larger scale enterprises dredge the sands Toxic chemicals are used in mine processing including mercury and arsenic Discharge of chemical waste into water systems contaminate them Current mining practices create problems in all stages of production from extraction to finished product 24 Recent mining of lithium in the Northwest of Argentina and Bolivia as well as the discovery of new deposits are important since lithium is a key component in batteries to power electronics such as mobile phones electric cars and electricity grids Argentina s resources are now being mined by a joint Australian Japanese Argentina venture Chile has been a major producer for decades from the Atacama salt flat 25 Latin America produces 45 of the world s copper 50 of the world s silver 26 of the world s molybdenum and 21 of the world s zinc 26 Half of the participants in a BNAmerica s mining survey believe that political and legal uncertainty will slow mining investment in Latin America in 2017 27 However individual countries have implemented changes that could improve conditions for mining companies in 2017 Costs related to labor energy and supplies have increased for Latin American mining companies 27 Thus many companies are focused on reducing costs and improving efficiency to achieve growth Some companies are looking towards consolidation automation and owner operated mines to lessen the impacts of rising costs 27 In the mining sector Brazil stands out in the extraction of iron ore where it is the second world exporter copper gold bauxite one of the 5 largest producers in the world manganese one of the 5 largest producers in the world tin one of the largest producers in the world niobium concentrates 98 of reserves known to the world and nickel In terms of precious stones Brazil is the world s largest producer of amethyst topaz agate and one of the main producers of tourmaline emerald aquamarine and garnet 28 29 30 31 32 33 Chile contributes about a third of the world copper production In 2018 Peru was the 2nd largest producer of silver and copper in the world and the 6th largest producer of gold the 3 metals that generate the highest value in addition to being the 3rd largest producer in the world of zinc and tin and 4th in lead Bolivia is the 5th largest producer of tin the 7th largest producer of silver and the 8th largest producer of zinc in the world 34 35 Mexico is the largest producer of silver in the world representing almost 23 of world production producing more than 200 million ounces in 2019 It also has important copper and zinc and produces a significant amount of gold 36 In the production of oil Brazil was the 10th largest oil producer in the world in 2019 with 2 8 million barrels day Mexico was the twelfth largest with 2 1 million barrels day Colombia in 20th place with 886 thousand barrels day Venezuela was the twenty first place with 877 thousand barrels day Ecuador in 28th with 531 thousand barrels day and Argentina 29 with 507 thousand barrels day Since Venezuela and Ecuador consume little oil and export most of their production they are part of OPEC Venezuela had a big drop in production after 2015 where it produced 2 5 million barrels day falling in 2016 to 2 2 million in 2017 to 2 million in 2018 to 1 4 million and in 2019 to 877 thousand due to lack of investments 37 In the production of natural gas in 2018 Argentina produced 1 524 bcf billions of cubic feet Mexico produced 999 Venezuela 946 Brazil 877 Bolivia 617 Peru 451 Colombia 379 38 Manufacturing edit nbsp A maquiladora assembly plant in Mexico nbsp Braskem the largest Brazilian chemical industry nbsp EMS the largest Brazilian pharmaceutical industryAlthough a significant proportion of production is in the mining and agricultural sectors various countries of Latin America have significant manufacturing sectors as well The economies of Argentina Brazil Chile and Mexico have been the most heavily industrialized countries accounting for 75 of Latin America s manufacturing sector 39 In a number of cases governments followed policies of import substitution industrialization setting up tariffs against foreign manufactured goods in order to encourage domestic manufacturing industries 40 Latin America has developed a significant automotive manufacturing with foreign companies setting up plants in Brazil Mexico and elsewhere 41 In Mexico for example the Ford Motor Company set up a plant in 1925 and the automotive industry in Mexico includes most of the major car makers 42 43 Assembly plants known as maquiladoras or maquilas where imported components are turned into finished products and then exported have boomed along the U S Mexico border 44 Brazil s automotive industry played an important role in the country s industrial development 45 Because of the transportation challenges in Brazil with coastal cities not easily connected by road or rail the country took steps to develop an aircraft industry and in 1969 the company Embraer was founded specializing in regional jets 46 The World Bank annually lists the top manufacturing countries by total manufacturing value According to the 2019 list Mexico would have the twelfth most valuable industry in the world US 217 8 billion Brazil has the thirteenth largest US 173 6 billion Venezuela the thirtieth largest US 58 2 billion however which depend on oil to obtain this value Argentina the 31st largest US 57 7 billion Colombia the 46th largest US 35 4 billion Peru the 50th largest US 28 7 billion and Chile the 51st largest US 28 3 billion 47 In Latin America few countries achieve projection in industrial activity Brazil Argentina Mexico and less prominently Chile Begun late the industrialization of these countries received a great boost from World War II this prevented the countries at war from buying the products they were used to importing and exporting what they produced At that time benefiting from the abundant local raw material the low wages paid to the labor force and a certain specialization brought by immigrants countries such as Brazil Mexico and Argentina as well as Venezuela Chile Colombia and Peru were able to implement important industrial parks In general in these countries there are industries that require little capital and simple technology for their installation such as the food processing and textile industries The basic industries steel etc also stand out as well as the metallurgical and mechanical industries The industrial parks of Brazil Mexico Argentina and Chile however present much greater diversity and sophistication producing advanced technology items In the rest of Latin American countries mainly in Central America the processing industries of primary products for export predominate In the food industry in 2019 Brazil was the second largest exporter of processed foods in the world 48 49 50 In 2016 the country was the 2nd largest producer of pulp in the world and the 8th producer of paper 51 52 53 In the footwear industry in 2019 Brazil ranked 4th among world producers 54 55 56 57 In 2019 the country was the 8th producer of vehicles and the 9th producer of steel in the world 58 59 60 In 2018 the chemical industry of Brazil was the 8th in the world 61 62 63 In textile industry Brazil although it was among the 5 largest world producers in 2013 is very little integrated in world trade 64 In the aviation sector Brazil has Embraer the third largest aircraft manufacturer in the world behind Boeing and Airbus Gallery edit nbsp Grape plantation in Argentina Argentina and Chile are among the 10 largest grape and wine producers in the world and Brazil among the 20 largest nbsp Maize in Dourados Brazil Argentina and Mexico are among the 10 largest world producers nbsp Salmon farming in Chile One third of all salmon sold in the world comes from the country nbsp Neugebauer Chocolate Factory in Arroio do Meio Latin America specializes in food processing nbsp Steel maker CSN in Volta Redonda Brazil is one of the 10 largest steel producers in the world Mexico is one of the 15 largest and Argentina one of the 30 largest nbsp Klabin industrial complex in Ortigueira Brazil is the second largest pulp producer and the eighth largest paper producer in the world nbsp Portico of the Democrata men s shoe factory in Franca Brazil is the fourth largest shoe manufacturer in the world nbsp Hering in Santa Catarina Brazil The country has one of the 5 largest textile industries in the world nbsp Mercedes Benz plant in Sao Paulo Mexico and Brazil are among the 10 largest vehicle manufacturers in the world and Argentina among the 30 largest nbsp Copper mine in Chile Latin America produces more than half of the world s copper nbsp Colombian emerald The country is the largest producer of emeralds in the world and Brazil is one of the largest producers nbsp Copacabana Palace the best hotel in South America in Rio de Janeiro Tourism brings important currencies to the continent nbsp Honey production in Argentina The country is the third largest producer of honey in the world nbsp Sunflower plantation in Argentina The country is the world s third largest producer of sunflower seed nbsp Chilean cherries Chile is one of the top 5 producers of sweet cherries in the world nbsp Chilean kiwi The country is one of the 10 largest kiwi producers in the world nbsp Palm plantation in Magdalena Colombia is one of the top 5 palm oil producers in the world nbsp Pineapple in Veracruz Mexico Latin America produces 35 of the world s pineapple Financial edit Latin American countries have had functioning banks and stock exchanges since the nineteenth century Central banks have been established in most countries of Latin America to issue currency manage flows and implement monetary policy In countries where there was significant commodity export activity and foreign capital presence stock exchanges were established in the nineteenth century Rio de Janeiro Brazil 1845 Buenos Aires Argentina 1854 Peru 1860 Rosario Argentina Mexico 1886 Uruguay 1867 Most other Latin American countries that created stock exchanges did so in the late twentieth century In the late twentieth century narcotrafficking particularly cocaine in parts of Latin America infused some economies with large amounts of cash Two Colombian narcotrafficking organizations the Cali Cartel and the Medellin Cartel utilized the First InterAmericas Bank to launder large amounts of money in Panama 65 Data leaks such as the Panama Papers indicate the importance of money laundering in that country where the Mossack Fonseca ran a global network of money laundry in the main financial centers like London NYC Hong Kong Singapore man island Jersey Monaco Zurich 90 of the laundry was made in the developed countries Panama by year could clean 3 billion dollars but centers like London at least 63 billions per year citation needed Infrastructure edit nbsp Panama Canal expansion project New Agua Clara locks Atlantic side nbsp Rodovia dos Bandeirantes Brazil nbsp Ruta 9 14 in Zarate Argentina nbsp Rio Niteroi BridgeIn Latin America the level of infrastructure is described as inadequate and is one of the region s main barriers to economic growth and development 10 The International Monetary Fund reports that there is a positive correlation between infrastructure quality and income levels in Latin American countries however countries in Latin America have lower quality infrastructure relative to other countries with similar income levels This causes a loss of competitiveness due to the quality of physical infrastructure has been a significant drag on economic growth 10 Governments play an important role in encouraging infrastructure investment In Latin America there are sectoral planning institutions in place across the region but many key attributes can be improved The International Monetary Fund found that Latin America performs poorly in the availability of funding for infrastructure and the availability of multiyear budgeting frameworks Latin America invests roughly 3 of its GDP into infrastructure projects 11 The Financial Times suggests that infrastructure spending should be at least 6 for Latin America to reach its infrastructure goals 11 This can be done by promoting private sector participation The Private sector also plays an active role in supplying infrastructure Governments in Latin America do a poor job of encouraging private sector participation 10 Developing financial markets for infrastructure bonds and other financial products can help governments mobilize resources for infrastructure projects while limiting their exposure to currency risk While infrastructure in Latin America still has room to grow there are encouraging signs for investment in Latin American infrastructure 66 In 2013 private equity firms invested more than 3 5 billion in energy telecom and supply chain development Governments are still looking for small partnerships between the public and private sectors to reduce inadequacies in the trade dynamic Panama has taken steps in the direction to integrate its physical infrastructure for supply chain capacity Panama completed the expansion of the Panama Canal to accommodate larger ships that exceeded Panamax size In 2014 Panama built the new Tocumen International Airport and the Colon Free Trade Zone are major mechanisms to enhance supply chains in Panama 66 China has had ambitious infrastructure project plans in Latin America including a railway line linking the Atlantic and Pacific regions of Colombia and an even longer one from Brazil to Peru but plans have not translated to completed projects 67 A Hong Kong financed project with the government of Nicaragua has plans to construct the Nicaragua Interoceanic Grand Canal Project through Lake Nicaragua the largest lake in Central America to compete with the Panama Canal The Hong Kong based HKND group the sole concessionaire 68 A major international highway completed in 2012 has linked Brazil with Peru via the Interoceanic Highway It has economic benefits but it also opens up areas of Amazonia to environmental degradation 69 Brazil has also funded a major upgrade of the Cuba port of Mariel Cuba to handle large container ships 70 Transport in Latin America is basically carried out using the road mode the most developed in the region There is also a considerable infrastructure of ports and airports The railway and fluvial sector although it has potential is usually treated in a secondary way Brazil has more than 1 7 million km of roads of which 215 000 km are paved and about 14 000 km are divided highways The two most important highways in the country are BR 101 and BR 116 71 Argentina has more than 600 000 km of roads of which about 70 000 km are paved and about 2 500 km are divided highways The three most important highways in the country are Route 9 Route 7 and Route 14 71 Colombia has about 210 000 km of roads and about 2 300 km are divided highways 72 Chile has about 82 000 km of roads 20 000 km of which are paved and about 2 000 km are divided highways The most important highway in the country is the Route 5 Pan American Highway 73 These 4 countries are the ones with the best road infrastructure and with the largest number of double lane highways in South America The roadway network in Mexico has an extent of 366 095 km 227 481 mi 74 of which 116 802 km 72 577 mi are paved 75 76 Of these 10 474 km 6 508 mi are multi lane expressways 9 544 km 5 930 mi are four lane highways and the rest have 6 or more lanes 75 Due to the Andes Mountains Amazon River and Amazon Forest there have always been difficulties in implementing transcontinental or bioceanic highways Practically the only route that existed was the one that connected Brazil to Buenos Aires in Argentina and later to Santiago in Chile However in recent years with the combined effort of countries new routes have started to emerge such as Brazil Peru Interoceanic Highway and a new highway between Brazil Paraguay northern Argentina and northern Chile Bioceanic Corridor nbsp Rio de Janeiro International Airport nbsp Port of Itajai Santa Catarina BrazilThere are more than 2 000 airports in Brazil The country has the second largest number of airports in the world behind only the United States Sao Paulo International Airport located in the Metropolitan Region of Sao Paulo is the largest and busiest in the country the airport connects Sao Paulo to practically all major cities around the world Brazil has 44 international airports such as those in Rio de Janeiro Brasilia Belo Horizonte Porto Alegre Florianopolis Cuiaba Salvador Recife Fortaleza Belem and Manaus among others Argentina has important international airports such as Buenos Aires Cordoba Bariloche Mendoza Salta Puerto Iguazu Neuquen and Usuhaia among others Chile has important international airports such as Santiago Antofagasta Puerto Montt Punta Arenas and Iquique among others Colombia has important international airports such as Bogota Medellin Cartagena Cali and Barranquilla among others Peru has important international airports such as Lima Cuzco and Arequipa Other important airports are those in the capitals of Uruguay Montevideo Paraguay Asuncion Bolivia La Paz and Ecuador Quito The 10 busiest airports in South America in 2017 were Sao Paulo Guarulhos Brazil Bogota Colombia Sao Paulo Congonhas Brazil Santiago Chile Lima Peru Brasilia Brazil Rio de Janeiro Brazil Buenos Aires Aeroparque Argentina Buenos Aires Ezeiza Argentina and Minas Gerais Brazil 77 There are 1 834 airports in Mexico the third largest number of airports by country in the world 78 The seven largest airports which absorb 90 of air travel are in order of air traffic Mexico City Cancun Guadalajara Monterrey Tijuana Acapulco and Puerto Vallarta 79 Considering all of Latin America the 10 busiest airports in 2017 were Mexico City Mexico Sao Paulo Guarulhos Brazil Bogota Colombia Cancun Mexico Sao Paulo Congonhas Brazil Santiago Chile Lima Peru Brasilia Brazil Rio de Janeiro Brazil and Tocumen Panama 77 About ports Brazil has some of the busiest ports in South America such as Port of Santos Port of Rio de Janeiro Port of Paranagua Port of Itajai Port of Rio Grande Port of Sao Francisco do Sul and Suape Port Argentina has ports such as Port of Buenos Aires and Port of Rosario Chile has important ports in Valparaiso Caldera Mejillones Antofagasta Iquique Arica and Puerto Montt Colombia has important ports such as Buenaventura Cartagena Container Terminal and Puerto Bolivar Peru has important ports in Callao Ilo and Matarani The 15 busiest ports in South America are Port of Santos Brazil Port of Bahia de Cartagena Colombia Callao Peru Guayaquil Ecuador Buenos Aires Argentina San Antonio Chile Buenaventura Colombia Itajai Brazil Valparaiso Chile Montevideo Uruguay Paranagua Brazil Rio Grande Brazil Sao Francisco do Sul Brazil Manaus Brazil and Coronel Chile 80 The four major seaports concentrating around 60 of the merchandise traffic in Mexico are Altamira and Veracruz in the Gulf of Mexico and Manzanillo and Lazaro Cardenas in the Pacific Ocean Considering all of Latin America the 10 largest ports in terms of movement are Colon Panama Santos Brazil Manzanillo Mexico Bahia de Cartagena Colombia Pacifico Panama Callao Peru Guayaquil Ecuador Buenos Aires Argentina San Antonio Chile and Buenaventura Colombia 80 The Brazilian railway network has an extension of about 30 000 kilometers It s basically used for transporting ores 81 The Argentine rail network with 47 000 km of tracks was one of the largest in the world and continues to be the most extensive in Latin America It came to have about 100 000 km of rails but the lifting of tracks and the emphasis placed on motor transport gradually reduced it It has four different trails and international connections with Paraguay Bolivia Chile Brazil and Uruguay Chile has almost 7 000 km of railways with connections to Argentina Bolivia and Peru Colombia has only about 3 500 km of railways 82 Among the main Brazilian waterways two stand out Hidrovia Tiete Parana which has a length of 2 400 km 1 600 on the Parana River and 800 km on the Tiete River draining agricultural production from the states of Mato Grosso Mato Grosso do Sul Goias and part of Rondonia Tocantins and Minas General and Hidrovia do Solimoes Amazonas it has two sections Solimoes which extends from Tabatinga to Manaus with approximately 1600 km and Amazonas which extends from Manaus to Belem with 1650 km Almost entirely passenger transport from the Amazon plain is done by this waterway in addition to practically all cargo transportation that is directed to the major regional centers of Belem and Manaus In Brazil this transport is still underutilized the most important waterway stretches from an economic point of view are found in the Southeast and South of the country Its full use still depends on the construction of locks major dredging works and mainly of ports that allow intermodal integration In Argentina the waterway network is made up of the La Plata Parana Paraguay and Uruguay rivers The main river ports are Zarate and Campana The port of Buenos Aires is historically the first in individual importance but the area known as Up River which stretches along 67 km of the Santa Fe portion of the Parana River brings together 17 ports that concentrate 50 of the total exports of the country Energy edit Brazil edit Main articles Energy policy of Brazil and Renewable energy in Brazil nbsp Itaipu Dam in Parana nbsp Wind power in Parnaiba nbsp Angra Nuclear Power Plant in Angra dos Reis Rio de JaneiroThe Brazilian government has undertaken an ambitious program to reduce dependence on imported petroleum Imports previously accounted for more than 70 of the country s oil needs but Brazil became self sufficient in oil in 2006 2007 Brazil was the 10th largest oil producer in the world in 2019 with 2 8 million barrels day Production manages to supply the country s demand 83 In the beginning of 2020 in the production of oil and natural gas the country exceeded 4 million barrels of oil equivalent per day for the first time In January this year 3 168 million barrels of oil per day and 138 753 million cubic meters of natural gas were extracted 84 Brazil is one of the main world producers of hydroelectric power In 2019 Brazil had 217 hydroelectric plants in operation with an installed capacity of 98 581 MW 60 16 of the country s energy generation 85 In the total generation of electricity in 2019 Brazil reached 170 000 megawatts of installed capacity more than 75 from renewable sources the majority hydroelectric 86 87 In 2013 the Southeast Region used about 50 of the load of the National Integrated System SIN being the main energy consuming region in the country The region s installed electricity generation capacity totaled almost 42 500 MW which represented about a third of Brazil s generation capacity The hydroelectric generation represented 58 of the region s installed capacity with the remaining 42 corresponding basically to the thermoelectric generation Sao Paulo accounted for 40 of this capacity Minas Gerais by about 25 Rio de Janeiro by 13 3 and Espirito Santo accounted for the rest The South Region owns the Itaipu Dam which was the largest hydroelectric plant in the world for several years until the inauguration of Three Gorges Dam in China It remains the second largest operating hydroelectric in the world Brazil is the co owner of the Itaipu Plant with Paraguay the dam is located on the Parana River located on the border between countries It has an installed generation capacity of 14 GW for 20 generating units of 700 MW each North Region has large hydroelectric plants such as Belo Monte Dam and Tucurui Dam which produce much of the national energy Brazil s hydroelectric potential has not yet been fully exploited so the country still has the capacity to build several renewable energy plants in its territory 88 89 As of July 2022 ref according to ONS total installed capacity of wind power was 22 GW with average capacity factor of 58 90 91 While the world average wind production capacity factors is 24 7 there are areas in Northern Brazil specially in Bahia State where some wind farms record with average capacity factors over 60 92 93 the average capacity factor in the Northeast Region is 45 in the coast and 49 in the interior 94 In 2019 wind energy represented 9 of the energy generated in the country 95 In 2019 it was estimated that the country had an estimated wind power generation potential of around 522 GW this only onshore enough energy to meet three times the country s current demand 96 97 In 2021 Brazil was the 7th country in the world in terms of installed wind power 21 GW 98 99 and the 4th largest producer of wind energy in the world 72 TWh behind only China USA and Germany 100 Nuclear energy accounts for about 4 of Brazil s electricity 101 The nuclear power generation monopoly is owned by Eletronuclear Eletrobras Eletronuclear S A a wholly owned subsidiary of Eletrobras Nuclear energy is produced by two reactors at Angra It is located at the Central Nuclear Almirante Alvaro Alberto CNAAA on the Praia de Itaorna in Angra dos Reis Rio de Janeiro It consists of two pressurized water reactors Angra I with capacity of 657 MW connected to the power grid in 1982 and Angra II with capacity of 1 350 MW connected in 2000 A third reactor Angra III with a projected output of 1 350 MW is planned to be finished 102 As of October 2022 ref according to ONS total installed capacity of photovoltaic solar was 21 GW with average capacity factor of 23 103 Some of the most irradiated Brazilian States are MG Minas Gerais BA Bahia and GO Goias which have indeed world irradiation level records 104 93 105 In 2019 solar power represented 1 27 of the energy generated in the country 95 In 2021 Brazil was the 14th country in the world in terms of installed solar power 13 GW 106 and the 11th largest producer of solar energy in the world 16 8 TWh 107 In 2020 Brazil was the 2nd largest country in the world in the production of energy through biomass energy production from solid biofuels and renewable waste with 15 2 GW installed 108 Other countries edit After Brazil Mexico is the country in Latin America that most stands out in energy production In 2020 the country was the 14th largest petroleum producer in the world and in 2018 it was the 12th largest exporter In natural gas the country was in 2015 the 21st largest producer in the world and in 2007 it was the 29th largest exporter Mexico was also the world s 24th largest producer of coal in 2018 In renewable energies in 2020 the country ranked 14th in the world in terms of installed wind energy 8 1 GW 20th in the world in terms of installed solar energy 5 6 GW and 19th in the world in terms of installed hydroelectric power 12 6 GW In third place Colombia stands out In 2020 the country was the 20th largest petroleum producer in the world and in 2015 it was the 19th largest exporter In natural gas the country was in 2015 the 40th largest producer in the world Colombia s biggest highlight is in coal where the country was in 2018 the world s 12th largest producer and the 5th largest exporter In renewable energies in 2020 the country ranked 45th in the world in terms of installed wind energy 0 5 GW 76th in the world in terms of installed solar energy 0 1 GW and 20th in the world in terms of installed hydroelectric power 12 6 GW Venezuela which was one of the world s largest oil producers about 2 5 million barrels day in 2015 and one of the largest exporters due to its political problems has had its production drastically reduced in recent years in 2016 it dropped to 2 2 million in 2017 to 2 million in 2018 to 1 4 million and in 2019 to 877 thousand reaching only 300 000 barrels day at a given point The country also stands out in hydroelectricity where it was the 14th country in the world in terms of installed capacity in 2020 16 5 GW Argentina was in 2017 the 18th largest producer in the world and the largest producer in Latin America of natural gas in addition to being the 28th largest oil producer although the country has the Vaca Muerta field which holds close to 16 billion barrels of technically recoverable shale oil and is the second largest shale natural gas deposit in the world the country lacks the capacity to exploit the deposit it is necessary capital technology and knowledge that can only come from offshore energy companies who view Argentina and its erratic economic policies with considerable suspicion not wanting to invest in the country In renewable energies in 2020 the country ranked 27th in the world in terms of installed wind energy 2 6 GW 42nd in the world in terms of installed solar energy 0 7 GW and 21st in the world in terms of installed hydroelectric power 11 3 GW The country has great future potential for the production of wind energy in the Patagonia region Chile although currently not a major energy producer has great future potential for solar energy production in the Atacama Desert region Paraguay stands out today in hydroelectric production thanks to the Itaipu Power Plant Trinidad and Tobago and Bolivia stand out in the production of natural gas where they were respectively the 20th and 31st largest in the world in 2015 Ecuador because it consumes little energy is part of OPEC and was the 27th largest oil producer in the world in 2020 being the 22nd largest exporter in 2014 109 110 111 112 98 Main economies in the current era editBrazil edit Main article Economy of Brazil See also Economic history of Brazil nbsp Air France airplane built by EmbraerIn 2016 Brazil s currency appreciated by 30 and their stock market the Bovespa returned 70 93 Investors do not expect a similar rate of return in 2017 but they are expecting modest returns The Ibovespa is the largest stock exchange in Latin America so it is often used by investors to study investment trends in Latin America 113 The economy in Brazil is recovering from its most severe recession since it began tracking economic data Following Dilma Rousseff s impeachment Brazil is experiencing a period of political certainty and rising consumer and business confidence 93 Unemployment is expected to increase in 2017 and inflation will slowly return to its target range 113 A 2016 report on Brazil s economy suggests that Brazil s fiscal stance is mildly contractionary which strikes a good balance between macroeconomic requirements and stability 113 This shows that the Brazilian government is committed to restoring the sustainability of public finance through a steady path 113 Fiscal adjustment will allow monetary policy to loosen and encourage foreign and domestic investment Brazil s rising productivity depends on the strengthening of its competition improvement of infrastructure and fewer administrative barriers 113 Brazilian president Michel Termer and former governor of the central bank Henrique Meirelles have proposed an overhaul of Brazil s economic governance 114 Under this plan public spending including the pension system will be cut and regulations will be lifted beginning in the oil and gas sector which has suffered due to over leverage and corruption Over the past 20 years public spending has increased annually by 6 which has grown the deficit to 2 3 of GDP for the year ending in April 2016 Prospects for the Brazilian economy have garnered hope among investors and entrepreneurs The yield on the Brazilian bond has fallen from 17 in January 2016 to 13 in June 2016 showing confidence in Brazil s financial future 114 Argentina edit Main article Economy of Argentina See also Economic history of Argentina nbsp Sheep in Argentina The country is the 11th largest wool producer in the world nbsp Sunflower plantation in Argentina The country is the world s third largest producer of sunflower seed The OECD expects Economic growth in Argentina to increase in 2017 and 2018 due to recent economic reforms 115 In 2016 Argentina reformed the national statistics agency causing an upgrade in Argentina s credibility This enabled the central bank to increase interest rates contain inflation and respond to exchange rate pressures 115 The latest inflation data shows that the inflation rate will stabilize at a 1 5 month over month with expectations anchored at 20 YoY 115 Inflation in 2017 is set to slow down due to a restrictive monetary policy and stable exchange rate 116 2016 has affirmed the credibility of the Argentine central bank and its transparency efforts The government is seeking to adjust wages at the level of inflation while unions are seeking for adjustments past inflation targets In mid 2016 Argentina saw a low point of economic activity with weak first and second quarters and strong third and fourth quarters due to organized corruption union labor breaking The decline in GDP reached 3 4 in the second quarter of 2016 115 BBVA research expects improvements in the coming year for industrial activity oriented in foreign markets driven by the recovery of Brazil Household consumption began improving at the end of 2015 due to higher retirement income catalyzed by the implementation of the historical reparations program In 2015 Argentina s top exports were oil cake soya beans crude soya bean oil maize and diesel powered trucks 117 Colombia edit Main article Economy of Colombia See also Economic history of Colombia nbsp Oil palm plantation in Magdalena Colombia The country is one of the world s top 5 producers of palm oil Colombia has a strong export sector with petroleum coal emeralds coffee and cut flowers the top commodities exported in 2015 118 BBVA Research suggests that consumption and investment have undergone an adjustment and caused domestic demand to fall below total GDP 119 The economy is expected to grow at a rate of 2 4 in 2017 93 Falling imports and lower profit repatriation caused the deficit to stand at 4 8 of the GDP at the end of 2016 This deficit is expected to stand at 3 8 of GDP in 2017 93 Current exchange rate levels will help the external deficit correct itself In 2017 the Colombian Peso is expected to trade at 3 007 COP per 1 USD At the end of 2016 the Congress of Colombia approved a tax reform bill with the goal of making public accounts more sustainable and replacing revenue that the government lost from the oil sector 93 This reform is expected to increase non oil revenue by 0 8 of GDP in 2017 and will gradually increase in future years 93 Recent economic data supports a slowdown of growth relative to previous estimates 119 This slow growth is occurring in all areas of domestic demand Private consumption eased in line with a drop in consumer confidence and the slowdown was beyond the drop of spending in durable goods Mexico edit Main article Economy of Mexico See also Economic history of Mexico nbsp Pineapple in Veracruz Mexico Latin America produces 35 of the world s pineappleMexico s imports and exports reflect its membership in NAFTA with significant trade with the U S and Canada In 2015 the top export goods from Mexico were automobiles and trucks petroleum televisions and digital processing units 120 Scotiabank expects Mexico s economic growth to be largely influenced by the economic policy of the Trump Administration Expectations of shifts in trade with the United States immigration and monetary policy have caused the Mexican currency markets to be volatile 121 Mexico is a major producer of crude oil and natural gas 122 Mining is an important sector of the Mexican economy with production of silver world rank 1 fluorspar world rank 2 strontium world rank 3 bismuth world rank 3 lead world rank 5 cadmium world rank 5 and zinc world rank 7 123 Tourism in Mexico is a major economic sector with the 2017 Travel and Tourism Competitiveness Report placing Mexico at 22 of the top 30 tourist destinations in the world Chile edit Main article Economy of Chile See also Economic history of Chile nbsp Chilean cherries Chile is one of the 5 largest producers of sweet cherry in the worldGrowth in Chile s economy is projected to increase in 2017 and 2018 due to high demand for Chilean exports and an increase in investment and private consumption 124 In 2016 economic activity was driven by the services sector and dampened by mining and manufacturing 124 An increase in unemployment is expected from 6 5 to 7 1 The investment environment in Chile is expected to see a positive shift and will be realized by lower investments in mining and a rebound in other sectors 124 Measures to increase productivity and investment will help diversify the economy and support sustainable growth In 2016 inflation receded to 2 7 0 3 lower than the central bank s target 124 Chile is most closely associated with the mining industry though it is not the only important industry in Chile An eighth of the working population is employed in this industry 124 Codelco is the world s biggest copper exporting company In addition to copper Chile also mines gold silver and cement materials While Chilean administrations have been trying to diversify the economy a strong mining industry has been the basis for financial stability 124 Foreign investment editThe European Investment Bank has invested in Latin America since 1993 backing 150 projects in 15 countries for more than 13 billion 125 In 2020 the European Investment Bank provided 516 million in finance in Latin America and the Caribbean contributing to sustainable and equitable development as well as climate action All EIB loans in the area were made to public sector borrowers mostly national development banks and a few new partners 126 In 2020 the European Investment Bank provided 462 million in Latin America of which 278 million was due to the COVID 19 pandemic 127 128 Since 2022 the bank has signed 15 Global Gateway contracts in this region for a combined 1 7 billion and it anticipates investments totalling about 4 6 billion over the next few years 125 129 Brazil edit Brazil has seen a slowdown in foreign investment after reaching a zenith of 64 billion of foreign investment in 2013 Despite its arcane law requiring foreign investors to deposit money with its Central Bank before being allowed to have a business operating no government or multinational has protested this fearing antagonizing the powers that be in Brazil Brazil has yet to make public its investment laws on foreign investors seeking permanent Brazilian visas such as Chinese Korean and Japanese investors 130 Foreign investment in Brazil declined in 2016 however Brazil is still the largest recipient of foreign investment in Latin America Investors are attracted to Brazil because of its market of 210 million inhabitants easy access to raw materials and a strategic geographic position The main investors in Brazil are the United States Spain and Belgium With the impeachment of Dilma Rousseff and the embezzlement scandal behind them Brazil is set to benefit from stronger commodity prices and attract more foreign investment 130 Brazil s top exports in 2015 were soya petroleum iron ore raw cane sugar and oil cake 131 In 2020 the European Investment Bank partnered with Mexican development banks NAFIN and Brazilian development banks Banco do Nordeste do Brasil or BNB to assist micro enterprises affected by the COVID 19 pandemic The goals of the 200 million loan to Banco do Nordeste do Brasil are to promote women s empowerment in business while helping to alleviate poverty 132 133 Such a loan also assists in meeting the working capital and investment needs of Brazilian micro enterprises affected by the COVID 19 pandemic in northeast Brazil with a focus on the most vulnerable and low income borrowers in the region 132 134 BNB will give micro entrepreneurs with short term loans of less than 1000 through its Crediamigo program with a special emphasis on funding for female led firms 132 135 This operation adheres to the Bank s 2X challenge criteria which are in accordance with the EIB Group Strategy on Gender Equality and Women s Economic Empowerment Bank Ademi and Bank Adopem especially both adhere to the criteria and assist women borrowers throughout Brazil 132 136 Argentina edit Argentina ranks fourth in South America in terms of foreign investment and sixth in terms of foreign investment influx 137 Argentina has access to natural resources copper oil and gas and a highly skilled workforce In the past Argentina has suffered from restrictions that were placed on foreign investment in agriculture which is important for the country s food security 137 Santander Bank expects Argentina to receive an influx of foreign investment thanks to the favorable business environment set by President Mauricio Macri 137 Colombia edit The improving security environment in has restored investor sentiment in Colombia 138 This has caused a growth in foreign investments mostly in mining and energy projects Over the past 10 years Bogota has received 16 7 billion in direct foreign investment in financial services and communications allowing it to emerge as a leading business center in Latin America 138 BBVA Continental expects investors in Colombia will also benefit from a strong legislative framework 119 Mexico edit Mexico is one of the world s main destinations for foreign investments 10 in 2016 however Mexico is also the country that will be most affected by protectionist U S trade policies 139 In recent years investments in Mexico have been hampered by the growth of organized crime corruption and administrative inefficiencies 139 In 2014 the government planned new industrial centers which would require foreign investment Additionally the IMF reports that the exploitation of Mexico s Hydrocarbon reserves will require an annual investment of 40 billion from 2015 to 2019 139 The European Investment Bank provided a 150 million loan to Nacional Financiera NAFIN one of Mexico s premier development banks to help Mexican microenterprises dealing with the COVID 19 pandemic meet their operating capital and investment needs 140 141 Chile edit The influx of foreign investments in Chile has grown every year from 2010 to 2015 142 In terms of foreign investment Chile is the region s second most attractive country after Brazil however the investment cycle in Chile is variable because it is linked to mining projects 142 Chilean economics are founded on the principles of transparency and non discrimination against foreign investors Investors are attracted to Chile due to its natural resources macroeconomic stability security and growth potential 142 Regional risks editCurrency risks edit Over the past five years dollar based investors in Latin America have experienced losses driven by a depreciation of local exchange rates 143 Looking forward to 2017 several factors suggest that current exchange rates will provide positive tailwinds to dollar based investors over the next several years 143 Local currencies appear undervalued on a PPP basis Latin American currencies are seeing an increase in purchasing power Cheaper goods and services in Latin America will stimulate an appreciation in local currencies 143 Real exchange rates have declined enough to resolve current accounts deficits Low currencies are resulting in a decreased demand for imported goods and stimulus for foreign demand for exports Cheap exchange rates have set the stage for strong trade dynamics moving forward which should increase demand for Latin American currencies 143 Commodity prices are rising Commodity prices are trading at 64 below their peak in 2007 143 Interest rate differentials are stimulating capital flows in Latin America The monetary policies of central banks in the region are supportive of strong currency levels Central banks have acted and raised interest rates to maintain price stability With decreasing inflation the real return differentials between the Dollar and Latin American currencies are attractive enough to carry trade into these local currencies and support appreciation 143 Trade uncertainty edit Potential import tariffs from the United States and limits on trade present significant risks for Latin American economies 144 Uneasiness over a United States shift away from a free trade policy was manifested on November 9 2016 where the Mexican Peso lost 15 of its value 144 The Economist warns that this knock on confidence will produce unwanted effects on the Mexican economy in the form of weak private consumption and foreign investment 144 The context of potential U S policy shifts affecting trade will cause diplomatic relations between the United States and Latin America to be more volatile 144 Latin America stands to suffer from global economic repercussions of such as fluctuations in the stock and commodities market 144 Volatility in commodity prices to which Latin American economies are highly exposed could be a big shock to the Latin America s economic growth 144 See also edit nbsp Latin America portal nbsp Money portalUnited Nations Economic Commission for Latin America and the Caribbean Central banks and currencies of the Americas Economy of Central America Economy of South America Economy of the Caribbean Environmental history of Latin America Latin American World Model List of banks in the Americas List of Latin American and Caribbean countries by GDP growth List of Latin American and Caribbean countries by GDP nominal List of Latin American and Caribbean countries by GDP PPP List of stock exchanges in the AmericasReferences edit Stephen H Haber ed Latin America is wack as heck Stanford University Press Stanford CA 1997 ISBN 9780804727389 Stanley L Engerman and Kenneth L Sokoloff Factor Endowments Institutions and Differential Paths of Growth Among New World Economies in How Latin America Fell 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petroleo e gas no Brasil ultrapassa 4 milhoes de boe d pela primeira vez anp gov br Archived from the original on 2020 02 20 Retrieved 2020 11 06 How many power plants do we have in Brazil Brasil alcanca 170 mil megawatts de capacidade instalada em 2019 Archived from the original on 2021 04 13 Retrieved 2020 11 06 IEMA Instituto de Energia e Meio Ambiente 2016 Serie TERMOELETRICIDADE EM FOCO Uso de agua em termoeletricas O BNDES e a questao energetica e logistica da Regiao Sudeste Power World s biggest hydroelectric facility Boletim Mensal de Geracao Eolica Fevereiro 2021 PDF in Portuguese Operador Nacional do Sistema Eletrico ONS 2021 02 20 pp 6 14 Retrieved 2021 04 07 Eolica supera 22 GW em operacao no Brasil in Brazilian Portuguese Megawhat 21 July 2022 Retrieved 2 August 2022 Brasil e o pais com melhor fator de aproveitamento da energia eolica Governo do Brasil in Brazilian Portuguese Archived from the original on 2018 10 07 Retrieved 2018 10 07 a b c d e f g h Breard Pablo January 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Brazilian Portuguese 2017 02 03 Retrieved 2018 10 07 Boletim Mensal de Geracao Solar Fotovoltaica Setembro 2020 PDF in Portuguese Operador Nacional do Sistema Eletrico ONS 2020 10 13 pp 6 13 Retrieved 2020 10 21 RENEWABLE CAPACITY STATISTICS 2022 Hannah Ritchie and Max Roser Solar Power Generation RENEWABLE CAPACITY STATISTICS 2021 page 41 PDF Retrieved 24 May 2021 Annual production of oil and other liquids IEA Key World Energy Statistics 2014 Natural Gas Access date 01 17 2021 html CIA The World Factbook Natural gas production dead link Statistical Review of World Energy 2018 a b c d e Brazil Economic Forecast Organisation for Economic Co operation and Development a b Brazil s Economy Nowhere to Go But Up The Economist 4 June 2016 a b c d Argentina Economic Forecast Organisation for Economic Co operation and Development Argentina Economic Outlook Focus Economics 2 January 2014 Argentina Trade Summary 2015 WITS Data wits worldbank org Retrieved November 24 2017 Colombia Trade Summary 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corner European Commission European Commission Retrieved 2023 07 31 a b Foreign Investment in Brazil Santander Brazil Trade Summary 2015 WITS Data wits worldbank org Retrieved November 24 2017 a b c d Bank European Investment 2021 11 23 EIB activity in Latin America and the Caribbean in 2020 European Investment Bank Barbados EIB backs improved water supply and sanitation European Investment Bank Retrieved 2021 12 20 European Investment Bank Newsroom European Commission Retrieved 2021 12 20 Brazil The EIB and Banco do Nordeste do Brasil boost support for COVID 19 impacted companies European Investment Bank Retrieved 2021 12 20 The European Investment Bank EIB adopts the 2X Challenge Criteria to increase its impact on gender equality European Investment Bank Retrieved 2021 12 20 a b c Foreign Investment in Argentina Santander a b Foreign Investment in Colombia Santander a b c Foreign Investments in Mexico Santander The European Investment Bank and NAFIN boost support for COVID 19 impacted companies in Mexico European Investment Bank Retrieved 2021 12 20 Bank European Investment 2021 11 23 EIB activity in Latin America and the Caribbean in 2020 European Investment Bank a b c Foreign Investment in Chile Santander a b c d e f Cummins Andrew Latin America Research Currency Risk PDF Paladin Realty a b c d e f Trump s Win Brings Uncertainty to Latin American Policy The Economist Intelligence Unit Further reading editBauer Arnold J Goods Power History Latin America s Material Culture New York Cambridge University Press 2001 Bernecker Walter L and Hans Werner Tobler eds Development and Underdevelopment in America Contrasts of Economic Growth in North and Latin America in Historical Perspective Berlin 1993 Bethell Leslie ed The Cambridge History of Latin America vol 6 Latin America Since 1930 Economy Society and Politics New York Cambridge University Press 1994 Bulmer Thomas Victor The Economic History of Latin America Since Independence Cambridge Cambridge University Press 2003 Bulmer Thomas Victor John H Coatsworth and Roberto Cortes Conde eds The Cambridge Economic History of Latin America 2 vols Cambridge Cambridge University Press 2006 Cardenas E J A Ocampo and Rosemary Thorp eds An Economic History of Twentieth Century Latin America London Palgrave 2000 Cardoso F H and E Faletto Dependency and Development in Latin America Berkeley and Los Angeles University of California Press 1979 Coatsworth John H Inequality Institutions and Economic Growth in Latin America Journal of Latin American Studies 40 2008 545 69 Coatsworth John H and William R Summerhill The New Economic History of Latin America Evolution and Recent Contributions in The Oxford Handbook of Latin American History Jose Moya ed New York Oxford University Press 2011 pp 407 423 Coatsworth John H and Alan Taylor eds Latin America and the World Economy since 1800 Cambridge Harvard University Press 1998 ECLAC Economic Survey of Latin America and the Caribbean 2018 Evolution of investment in Latin America and the Caribbean stylized facts determinants and policy challenges Briefing paper Economic Commission for Latin America and the Caribbean 2018 ECLAC Preliminary Overview of the Economies of Latin America and the Caribbean 2017 Economic Commission for Latin America and the Caribbean 2018 Engerman Stanley L and Kenneth L Sokoloff Factor Endowments Institutions and Differential Paths of Growth Among New World Economies in How Latin America Fell Behind Essays in the Economic Histories of Brazil and Mexico 1800 1914 Stanford Stanford University Press 1997 pp 260 304 Gootenberg Paul Between a Rock and a Softer Place Reflections on Some Recent Economic History of Latin America in Latin American Research Review 39 2 2004 239 57 Haber Stephen H ed How Latin America Fell Behind Essays in the Economic Histories of Brazil and Mexico 1800 1914 Stanford Stanford University Press 1997 Haber Stephen H ed Political Institutions and Economic Growth in Latin America Stanford Stanford University Press 2000 Joslin D A Century of Banking in Latin America London Oxford University Press 1963 Lewis Colin Industry in Latin America before 1930 in Leslie Bethell ed The Cambridge History of Latin America vol 4 c 1870 1930 New York Cambridge University Press 1986 Lockhart James and Stuart B Schwartz Early Latin America New York Cambridge University Press 1983 Ocampo Jose Antonio and Rosemary Thorp eds The Export Age The Latin American Economies in the Nineteenth and Early Twentieth Centuries Basingstoke 2001 Prados de la Escosura Leandro Lost Decades Economic Performance in Post Independence Latin America Journal of Latin American Studies 41 2209 279 307 Thorp Rosemary Progress Poverty and Exclusion An Economic History of Latin America in the Twentieth Century Baltimore IDB 1998 Thorp Rosemary ed Latin America in the 1930s The Role of the Periphery in the World Crisis London Macmillan 1984 Topik Steven Carlos Marichal and Zephyr Frank eds From Silver to Cocaine Latin American Commodity Chains and the Building of the World Economy Durham Duke University Press 2006 Retrieved from https en wikipedia org w index php title Latin American economy amp oldid 1211380208, wikipedia, wiki, book, books, library,

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