The closing year was not a good one for Latin America — but it was a lot better than for most other regions.
Latin America’s GDP shrank by 2.6 percent and foreign direct investment ($141 billion) plunged by one-third to $94 billion. Yet the region was cushioned from the harshest blows of the global economic recession thanks to responsible macroeconomic policies. It’s now poised for a solid recovery. The United Nations Economic Commission for Latin America and the Caribbean predicts a 4.1 percent growth rate in 2010.
This promises a boost for South Florida’s economic fortunes, which are tied closely to Latin America’s growth. Tourism, international trade, real estate, retailing and distribution and financial services rely heavily upon business with the region.
Read: “Region’s fortune is ours,“ an article by Jerry Haar for the MiamiHerald.com.
Jerry Haar is a professor of management and international business and an associate dean at FIU’s College of Business Administration. The opinions expressed in this column are the writer’s and do not necessarily reflect the views or opinions of either FIU or the College of Business Administration.