According to the latest IMF forecast, economic growth in the region will be around 4.8 percent, better than the previous prediction of 4.1 percent. Growth in 2007 is projected to be 4.2 percent. This makes five consecutive years of continuous growth for the region, a kind of record and indicative of the new paradigm of stability and growth of the region. In 2005 growth was 4.3 percent.
This year, Argentina's economy will expand 8 percent, Venezuela's will grow 7.5 percent, Mexico 4 percent and Brazil 3.6 percent.
The economies have been buoyed by a surge in revenue from commodities exports such as oil and copper after prices touched a record this year.
Average inflation will slow to 5.6 percent in 2006 and 5.2 percent next year, from 6.3 percent in 2005.
The good performance of Latin American economies in 2006 and promise in 2007 and in the near term are good news for Indian exports.
According to IMF report of September 2006, following is the
GDP ranking. Figures in billion dollars.
Brazil - $966.8, Mexico - $811.3 , Argentina - $219.6 , Venezuela - $164.4 , Chile - $140.4 Colombia - $129.4 , Peru - $89.3 , Ecuador - $41.3 , Guatemala - $29.7 , Dom. Rep. - $28.5 Costa Rica - $21.4, Uruguay - $18.6 , El Salvador - $18.2 , Panama - $16.9, Bolivia - $10.3 Honduras - $9.0, Paraguay - $8.6, Nicaragua - $5.4 , Haiti - $4.3
GDP Per Capita Ranking
Chile-$8,569, Mexico-$7,593, Venezuela-$6,098, Uruguay-$5,809, Argentina-$5,745 Brazil-$5,176, Panama-$5,139, Costa Rica-$4,874 , Dom. Rep.-$3,291, Peru-$3,151 Ecuador-$3,081 , Colombia-$2,763, El Salvador-$2,602, Guatemala-$2,107 , Paraguay-$1,460 , Honduras-$1,217 , Bolivia-$1,075 , Nicaragua-$908 , Haiti-$505
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