Despite the glum economic numbers, Latin America is one region whose wealth has actually increased recently, according to one report.
As the financial downturn batters the United States and Europe, Latin America emerged as the only place to claim a wealth increase. Although the increase is a mere 3 percent, it's noteworthy because Europe's wealth was down nearly 6 percent and North America, where Americans lost more than $1 trillion in the stock markets, was down nearly 22 percent.
The bump is attributed to a commodities boom.
The findings, from Boston Consulting Group and delivered in a Sept. 15 report marking the one-year Lehman Brothers' bankruptcy, show that global wealth fell overall from $104.7 trillion in 2007 to $92.4 trillion in 2008. "
This decline of 11.7 percent was also the first drop since 2001.
In related news, as we posted earlier, Brazil is pulling itself out of the slump, and the Latin Business Chronicle reported yesterday that that GE Latin America received a financial boost with the global crisis because new construction projects created more lighting and electrical distribution.
If you're financially minded, read more here.
Source: The Street, Latin Business Chronicle
Photo: Stock traders in Sao Paulo, LA Times
1 comment:
Thanks for Information on Economy of Latin America.
This type of information is extremely important and serves educational purposes. I wasn't aware of what was going on and I was surprised by this article.
There is a video of Jeffrey Sachs, famous economist of Columbia University, explaining why some countries are rich and others poor and telling us that these matters are dynamic and unstable, so that Africa and Latin America may have big improvements in the Future.
I love all these articles and posts that educate us and change our perceptions.
I also try to collect many videos and articles of people like Sachs, Krugman, etc ...
I love the New York Times, Washington Post, Los Angeles Times, Miami Herald, Time, Newsweek, etc ... and I hope that these Liberal Press doesn't disappear for lack of customers or Economic Changes.
They always surprise us with the best of Intelligence.
Milenials.com
Vicente Duque
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