While its big cousin in the north is experiencing a spot of financial bother, Latin America goes from strength to strength. When historians come to judge the past 12 months, they might well come to regard it as a watershed period for the region.
The US economy is in recession. Its banking industry is in distress. What’s more, there is little sign of the downturn coming to an end.
Usually, this would presage some kind of disaster in Latin America. Not this time. The region is not just weathering the storm – many countries are thriving. Peru and Brazil recently joined Chile and Mexico as investment-grade-rated countries. Colombia is not too far behind them. These five countries generate 85% of Latin America’s GDP.