Latin America’s Era of Milk and Honey
It seems that Latin America's popular left-wing nationalist governments have discovered that fiscal stability and reducing debt constitute the key to political autonomy and economic independence. But if the neo-liberal Washington Consensus has been forgotten, perhaps it wasn’t because its tenets were misguided, but because globalization offered an opportunity to realize them without having to suffer the humiliation of a shrinking economy.
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Whenever signs of change appear in Latin America’s economies, people ask if the change will be transitory or permanent. Driven mainly by the almost insatiable appetites of China and India, a profound burst of growth has come to Latin America. Over the past five years, Chile’s GDP has been expanding 5% annually, Argentina’s by almost 9%, Venezuela’s by more than 10%, and the Andean Community’s by 6%. The continent’s aggregate growth, at 4.5%, is expected to lag behind the world average of 5% in 2007, but only because the largest countries, Mexico and Brazil, are growing more slowly.