While global trade in services is booming, most Latin American countries continue to export basic goods. Here’s what Panama and Costa Rica did to catch up. Other countries should follow.
Latin America is experiencing its worst economic growth — projected to be negative this year – since the lost decade of the 1980s. At this crucial time, the United States is turning its back and stepping backward from Latin America while China takes further steps forward in its economic relations with the region.
The story of dashed hopes and sudden halts is a painful yet familiar one for all of us. As we lick our wounds and take stock of yet another lost opportunity, we ask ourselves yet again: can the continent ever escape the boom-bust cycles that have left our economies trapped in middle income status?