South America
South America Weathers the Economic Storm
As Haitians take to the streets over rising food prices and Americans fret at the gas pump, South Americans seem to be weathering the hemisphere's economic storm fairly well.
According to The Economist, on the whole, South American economies are doing better now than at any time since the 1960s, growing an average of 5 percent a year since 2004. So far, the U.S. credit crunch has had little noticeable affect on South America's economy. In fact, some investors are buying even more South American bonds than ever due to declining U.S. interest rates. And with their expanding economies and low cost of living, South America is becoming more popular for North American property investors.
In the near future, The Economist says, it's expected that the mild U.S. recession and slowing world economy will curb South America's economic growth only slightly. But some economists attribute the past years' steady growth to global economic conditions which may not be so favorable in the future. The real concern is what happens in 2009, when decreased remittances and decreased demand for exports take their toll.
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