Latin America will be a major global influence over the next decade, from economy to tourism. The top ten reasons why businesses and brands should cast their sights on investments into the region are:
- Latin America has one of the fastest GDP growth rate* in the world. 4.67% growth in 2011, compared to 1.52% growth in the European Union.
- Latin America is already a major investment destination from the world’s leading economies. China is Brazil & Chile’s biggest single trading partner with Chinese state banks having lent more than US$75 billion to Latin America since 2005.
- Latin America is a key trading partner with the USA, China, Japan, South Korea as well as the European Union**
- Latin America has a GDP per capita* higher than that of China and Middle East; US$9,593, US$6,768 and US$5,430 respectively.
- Argentina has a higher proportionate number of consumers with a disposable income of over US$25,000, making it an attractive market for super luxury brands.
- Latin America is the world’s power house for commodities e.g. Chilean & Peruvian copper, Argentine soya, Brazilian & Bolivian iron ore, Venezuelan oil, Colombian coal – the list goes on!
- Panama is set to become a trade and cultural hotspot with the US$5.25 billion Panama Canal expansion scheduled for completion in 2014. Panama City is transforming into an energetic metropolis attracting investors, tourists and luxury brands.
- Brazil plays host to the FIFA World Cup in 2014 and the Olympics in 2016.
- Latin America has a highly-skilled and competitive human resources pool e.g. Chile is in first place in the Latin American Talent Index Ranking 2009.
- The Latino love for life, dance and celebration is set to inspire on a global scale.
*Source World Bank 2011 ** IMF