Focus on emerging export markets in Latin America and the Caribbean
Is your business considering exporting to Latin America and the Caribbean? Here’s the latest data on growth prospects for the region and the fastest growing markets. We also highlight resources which provide practical advice on exporting abroad
Currently Brazil is arguably still the most popular Latin American destination for doing business. It’s ranked as the ninth largest economy in the world by the World Bank, has strong services, manufacturing and agricultural sectors and abundant natural resources. However the 2015 recession and a recent rise in political uncertainty have caused its growth rate to stall, with growth of only 1.8% during 2018 projected by the International Monetary Fund (IMF) October 2017 World Economic Outlook Database update.
Unfortunately slow growth is also forecast for other countries in the region, due to political uncertainty, corruption scandals, humanitarian issues (for example the ongoing inflation crisis causing prices to skyrocket in Venezuela) and the devastating impact of hurricanes Harvey, Irma, and Maria in the Caribbean. As a whole GDP is only set to grow by 2.1% in Latin America and the Caribbean during 2018, according to the World Bank’s June 2017 Global Outlook – compared to projected 7.1% growth for South Asia.