Latin America, with Mexico among the leading countries, has progressed to levels comparable to those of the major Asian economies, but the region will continue to grow for a sustained period to ensure its good reputation, said the World Bank. And this will be the great progress of the world economy in this very early year. Pamela Cox, vice president of the organization for Latin America and the Caribbean, Pamela Cox said the region was no longer a net debtor to absorb more direct investment capital as the most powerful Asian economies.
While she said, the predictions for the region to unleash the economic crisis of 2007 and 2008 were pessimistic, the experts were wrong in their predictions. Mexico, Colombia, Peru, Argentina, Chile and Uruguay in 2011 will grow by more than 5%, higher than many forecasts, the senior official specified in an analysis published on the website of the World Bank and taken up by the News Centre United Nations (UN).
Pamela Cox also had attributed the success to sound macroeconomic policies supported by an emphasis on social equity.
In addition, monetary, fiscal, and banking that had been adopted in recent years managed to minimize the external shock that is caused by the crisis, she said
Source: www.coffetoday.com
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