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Latin america final 1

  1. 1. Running head: HOW THE HEALTH OF LATIN AMERICAN ECONOMIES IMPACT How the Health of Latin American Economies Impact the U.S. and the Rest of the World Jamie Jackson Texas Woman’s University Global Business 5923.51 Dr. Mahesh Raisinghani August 12, 20111|Page
  2. 2. HOW THE HEALTH OF LATIN ECONOMIES IMPACT Abstract This manuscript will help the reader understand how the health of the Latin American economies impact the United States and the rest of the world. The countries discussed in this paper will be Brazil, Peru, Mexico, and Chile. For each country, the current market will first be considered, and then the latest research on each country’s global and U.S. impact will then be expanded upon. Finally, suggestions for lasting growth for each Latin American country will be provided, with the reasons for each suggestion.2
  3. 3. HOW THE HEALTH OF LATIN ECONOMIES IMPACT Introduction Latin American economies are shifting from third world status to strong emergingmarkets. These economies are proving to be key power players in the global market. Theeconomies of Brazil, Mexico, Chile, and Peru are experiencing growth and demand. However,the challenge lies in sustaining this growth (Ahmad, 2011`). The economies of Brazil, Mexico,Chile, and Peru have significant impacts both on the United States and the world. Theseeconomies’ current conditions affect the global economy. These economies have witnesseddramatic increases in capital flows (Ahmad, 2011`). Now, these emerging markets are lookingto becoming advanced economies in the global world. The citizens of these Latin Americancountries are calling for better healthcare, education, and an increase in infrastructure (Ahmad,2011`). Brazil is receiving heavy investment due to the Olympics and the World Cup (Moore,2011). Mexico is also reaping the benefits gained from a healthy U.S. industrial sector (Moore,2011). Chile and Peru have both signed Federal Trade Agreements with the U.S. Chile is one ofthe leading Latin American countries due to demand for its high priced copper (Hornbeck, 2011).Peru has benefited from high prices for its precious metals, gold and copper (Hornbeck, 2011).The Latin American economies of Brazil, Mexico, Chile, and Peru are emerging as lucrativeeconomies for investment and trade. These countries’ only challenge remains sustaining thisgrowth and achieving economic stability.3
  4. 4. HOW THE HEALTH OF LATIN ECONOMIES IMPACT Brazil Current Market Brazil’s business environment has steadily grown over the last ten years. In 2010,Brazil ranked fourth in the world’s market size with an index of 21, and eleventh in the world inmarket growth rate (globalEdge, 2010). The GDP for 2011 is predicted to be 4.3% (EconomicIntelligence Unit, 2010). Brazil’s consumer class has experienced a rapid growth, which hashelped attract foreign investors. In 2010, Brazil was ranked fourth in the world with a foreigndirect confidence index score of 1.53 (Kearney, 2010). One of Brazil’s top commodities is Petrobas, a relatively new oil find that isspeculated to contain between 5-8 billion barrels of light oil and gas at the Tupi field, which is155 miles offshore from southern Brazil (Schneyer, 2007). Brazil’s industrial sector is one of themost advanced in all of the Latin American countries and accounts for approximately one-thirdof the country’s GDP. Automobiles, coffee, textiles, shoes, computers, aircraft, and machineryare just a few of Brazil’s major industries. Agriculture also plays a leading role in Brazil’seconomy and is considered an important factor for economic growth and foreign exchange. In2009, Brazil had an agricultural trade balance of $55 billion (globalEdge, 2010). The country’stop agricultural products are coffee, sugarcane, tropical juice, and frozen concentrated orangejuice. Brazil also owns the world’s largest commercial cattle herd, which consists of 170 millionhead.4
  5. 5. HOW THE HEALTH OF LATIN ECONOMIES IMPACT Global/US Impact In 2010, Forbes ranked Brazil in 62nd place out of the top 500 best countries for doingbusiness (Forbes, p.3, 2010). In 2010, globalEdge ranked it number 58 out of 139 in globalcompetitiveness. Brazil’s strengths in the global market include its large variety of naturalresources, large proportion of manufactured products and exports, ability to cope withinternational market instability, and competitive labor costs. Although Brazil is best known forsoccer and supermodels, it’s now also becoming known as destination for investment capital,according to Bloomberg Businessweek (Bloomberg Businessweek, 2009). At the end of 2008,foreign investors had committed $28 billion in venture and private equity capital companies inBrazil. Among its weaknesses are its high complex tax rates and lack of infrastructure,corruption, and bribery. Brazilian has high payroll taxes, which can account at times for up to40% of an employer’s payroll taxes. Brazil also has very extensive labor laws in which workersare entitled long paid vacations, large bonuses, food, and health insurance. Suggestions for Lasting Growth Brazil’s taxes are among the highest and most complex in the world. In order toattract more foreign investment their government needs to not only lower the tax rate but alsosimplify the tax code. Brazil won the bids to host the World Cup in 2014 and the Olympics in2014. In order to prepare to host these events they will have to make large improvements in theirinfrastructure, particularly in its roads, airports, and railways. In doing so, this will also helpattract foreign businesses to locate there. Brazil’s workforce is made up of largely unskilled5
  6. 6. HOW THE HEALTH OF LATIN ECONOMIES IMPACTlabor. Their government needs to make improvements in the education system so that more ofits citizens can attend college or trade schools. Mexico “Viva Mexico!”, or as it is translated in English, long live Mexico. That is precisely theattitude that Mexico has taken in regard to its economy. After a recent slump in the globaleconomy and a near collapse of the economy in 1995, Mexico is showing the world that it canpersevere against difficult odds. Within the last 5 years, Mexico’s economy has been dealtblows by the Global Recession of 2009, a weakening of the U.S. economy, and a decline intourism due to the H1N1 virus, and rampant violence by the drug cartels (Mexico, 2011).Nevertheless, the Mexican economy is on the upswing and showing economic growth. Economic Blows Mexico has weathered through a recent series of economic hits. Perhaps the hardest ofthese blows was the global recession of 2009. According to M. Angeles Villarreal, “Mexico’seconomy was hit harder than most Latin American countries during the global recession of2009.” Mexico’s economy contracted by 6.5% in 2009 (Mexico, 2010). Because the Mexicaneconomy is closely tied to the U.S. economy, it felt the impact of fewer exports to its largesttrade partner, the U.S. Moreover, the country faced a downturn in tourism due to the H1N1 virusin 2009. The H1N1 virus caused severe respiratory illness in infected people. Because Mexicohad 84 confirmed deaths of swine flu, many countries halted trade while many airlines canceledflights to Mexico. This put a damper on Mexico’s economy because tourism accounts for a6
  7. 7. HOW THE HEALTH OF LATIN ECONOMIES IMPACTsignificant amount of GDP. Moreover, a slowdown in trade has caused the amount ofremittances from Mexicans in the U.S. to decline (Villarreal, 2011). Current Market Mexico is the most populated of the Spanish speaking countries with a 131 millioninhabitants (Mexico, 2010). Given its close proximity to the U.S., trade between Mexico and theU.S. becomes a necessity. The Mexican economy is characterized as a market economy. In2010, it is estimated that Mexico had a GDP of $1 trillion. It is expected to realize a GDPgrowth of 4.5%. It adopted macroeconomic approach by entering in on various trade agreementswith other nations (Mexico, 2010). The World Bank has classified Mexico as an upper-middle-income country because of its per capita GDP in purchasing power parity (PPP) of $15, 720 in2010 (Villarreal, 2011). Mexico’s economy is a mixture of agricultural products, manufacturing, and variousservices. Mexico has a multitude of natural resources such as petroleum, natural gas, andcopper. Mexico’s agriculture or 4% of GDP is comprised of products such as corn, rice, andfruit (Mexico, 2010). Industry based companies contribute to 31% of GDP. The bulk ofMexico’s economy, 64% of GDP, relies on commerce and other services such as tourism(Mexico, 2010). In addition, Mexicans living in the United States send many remittances back toMexico. It is the source of an average $21 billion a year (Villarreal, 2011). Mexico’s economy relies heavily on the various trade agreements it has with manycountries (Villarreal, 2011). Mexico is a member of the World Trade Organization (WTO),North American Free Trade Agreement (NAFTA), the G-20, and the Organization for EconomicCooperation and Development (Mexico, 2011). Mexico’s largest trading partner is the U.S.while China is its second largest trading partner (Villarreal, 2011). The U.S. receives 80% of7
  8. 8. HOW THE HEALTH OF LATIN ECONOMIES IMPACTMexico’s exports. Consequently, any economic downtown in the U.S. is bound to have asignificant impact on Mexico (Villarreal, 2011). U.S./Mexico Relations Perhaps no other country is more closely tied to the U.S. than Mexico. Mexico’seconomic reliance on the U.S. is the result of its close proximity to the U.S. and the fact that 80%of Mexican exports are shipped to the U.S (Villarreal, 2011). Consequently, the Mexicaneconomy is significantly affected by any change in the U.S. economy. Mexico is the UnitedStates’ third largest trading partner after China and Canada (Villarreal, 2011). Mexico’s mainexport to the United States is oil. Mexico is the United States’ second-largest supplier of oil, andover one-third of Mexico’s revenues come from oil (Mexico, 2010). The next largest export tothe U.S. comes from the automotive sector. In 2010, the United States imported almost $51billion in motor vehicles and motor vehicle parts (Villarreal, 2011). It is this manufacturingindustry in Mexico that has attracted investment from U.S. companies. These maquiladoras, orassembly plants, have attracted industries such as auto parts and electronic goods. U.S.companies are able to situate plants in Mexico where they realize lower labor costs. Accordingto M. Angeles Villarreal (Villarreal, 2011), “Many economists believe that maquiladoras are animportant part of the U.S. corporate strategy in achieving competitively priced goods in themarketplace.” The 2,000 mile border region with the U.S. contains most of the assembly plantsand workers. In Tijuana there are 590 plants while 339 plants are located in Cd. Juarez(Villarreal, 2011). Although some analysts cite loss of U.S. jobs because of the assembly plants,the close proximity to the U.S. actually allows for greater U.S. content in the final product. Thisactually helps sustain jobs. Moreover, a higher degree of U.S. content allows for greater qualityproducts (Villarreal, 2011).8
  9. 9. HOW THE HEALTH OF LATIN ECONOMIES IMPACT Global Impacts As a member of NAFTA (North American Free Trade Agreement), Mexico has realizedsignificant economic benefits by trading with the United States (Villarreal, 2011). RecentlyNAFTA approved a pilot program for Mexican trucks, which allows for greater economicintegration for North America. It will require numerous safety inspection requirements(Villarreal, 2011). The pilot program for Mexican trucks represents a great victory for NorthAmerican integration (Everythings Bigger in Texas. Even the Income Gap. Naftas RollingThunder, 2011). The North American economy has been affected by low cost suppliers such asIndia and China which has displaced many North American companies (Villarreal, 2011). Agreater North American integration might decrease the amount of imports by the United Statesfrom China. This could attract more companies to Mexico that would be able to take advantageof low wages and openness of trade with the United States. Suggestions for Lasting Growth In order for the Mexican economy to continue to prosper, I propose the followingsuggestions. First, Mexico should privatize PEMEX, the state owned oil monopoly of Mexico.PEMEX retains control over oil and natural gas exploration. Moreover, Mexico imports oil andgas because of a serious lack of refinery capacity (Mexico, 2011). Privatization of PEMEXwould allow for private investment in other oil reserves as Mexico’s known reserves are indecline (Mexico, 2011). Secondly, Mexico should invest in education. According to M.Angeles Villarreal (Villarreal, 2011), “Mexico needs to invest more in education; innovation andinfrastructure; and in the quality of national institutions.” A highly skilled workforce attracts9
  10. 10. HOW THE HEALTH OF LATIN ECONOMIES IMPACTforeign investment. Mexico should also invest heavily in its infrastructure. It has the mostextensive network of transportation in Latin America with 366, 341 kilometers of paved roads(Mexico, 2011). Another suggestion for Mexico is to improve its agricultural sector. Exports offruits and vegetables have increased dramatically to $4.7 billion worth of agricultural exports tothe United States in 2009 (Mexico, 2010). Agriculture in Mexico has suffered because of small-scale producers and lack of infrastructure. In the United States, we see huge plots of landdevoted solely for agriculture. Mexico should employ the United States’ method of growingproducts on huge parcels of land (Mexico, 2010). Lastly, Mexico should look to decreasepoverty. Poverty may be decreased by increasing education standards, funding infrastructureprojects, allowing farmers to cultivate products on more acreage. Mexico’s poverty continues toplague rural areas (Villarreal, 2011). Mexico has a program called Oportunidades that hassought to alleviate poverty in Mexico by providing nutrition and health services to the poor(Villarreal, 2011). Furthermore, Mexico can achieve stability in its economy by privatizingstate-owned monopolies, improving infrastructure and education, increasing agriculture, and byimproving the living standards of the poor. Peru Current Market Peru is a country in western South America with an estimated population of 29.5 million,and it is bordered by Ecuador, Colombia, Brazil, Bolivia, Chile, and the Pacific Ocean on thewest (ECEO, 2011). Peru has undergone periods of political unrest and fiscal crisis as well asperiods of stability and economic upswing. It is a representative democratic republic divided into25 regions. Its main economic activities include agriculture, fishing, mining, and manufacturingof products such as textiles (ECEO, 2011). Peru is a developing country with a market-oriented10
  11. 11. HOW THE HEALTH OF LATIN ECONOMIES IMPACTeconomy; the IMF at US$5, (ECEO, 2011). Historically, the countrys economic performancehas been tied to exports, which provide hard currency to finance imports and external debtpayments. Peru has peculiar income inequalities and hence it has 20 percent of the populationcontrols over 54 percent of the national income. Estimation on income reveals about 50 percentof the population stay in poverty whereas 20 percent are below the poverty line (Ana Peruana,2011). Although they have provided substantial revenue, self-sustained growth and a moreegalitarian distribution of income have proven elusive. According to 2010 data, 31.3% of its totalpopulation is poor, including 9.8% that is extremely poor (Ana Peruana, 2011). All the abovefactors have lead to the launch of Peru Healthcare Policy by the government and utmost care istaken regarding the Peru health. The Healthcare System is designed very specifically for thePeruvians so that they can avail the Peru health care policy under any circumstances. Peru healthcare system is working effectively with a vision to improve the health conditions of all thePeruvians and gain a level in Peru health. Peru Global/US Impact When it comes to healthcare in Peru, the country faces a daunting task. There are anumber of challenges for the country in healthcare. Besides fighting against a range of diseases,the healthcare system in Peru also has to fight against the lower infrastructure as well ascentralization of wealth. As the country sees contrasting inequalities of wealth among itscitizens, only a selected few can avail good quality medical services. Though the U.S. Agencyfor International Development (USAID) is currently supporting the efforts of the Perugovernment to decentralize the healthcare system of the nation, yet healthcare in Peru has way togo (Ana Peruana, 2011).11
  12. 12. HOW THE HEALTH OF LATIN ECONOMIES IMPACT With the help of US government, Peru is working towards improving their medicalinfrastructure as well as enhancing their reach to cover more number of poor people. Thegovernment is trying to expand the primary care services as much as possible. In order toimprove the Peru healthcare system, Seguro Integral de Salud (SIS) was established in 2002 tooffer free healthcare to all the citizens (Futurey Years, 2011). However, a few hidden costs liketravel and prescription drug costs also came as barrier for the poor. Peru will have little effect on the United States because of the relatively small size ofPeru’s economy in relation to the U.S. economy. In 2006, Peru had U.S. imports from Peruaccount for 0.3% and U.S. exports to Peru account goes for 0.3% of total U.S. exports(Villarreal, 2007). U.S. exporters have substantially larger tariff barriers on their exports to Peruthan do Peruvian exporters on their exports to the United States. In April 2005, Peru’s HealthMinistry released an evaluation of potential effects of a free trade agreement on access tomedicines in Peru (Villarreal, 2007). The study stated that an agreement would affect genericbrands of medicine in that many of these medicines would no longer be eligible to be branded asgeneric. The poor populations of Peru also concern a number of non-government organizationsbased in the United States and Latin America that a PTPA would reduce access to essentialmedicines. Suggestion for Lasting Growth Peru is a country with many climates and geographical zones that make it a veryimportant agricultural nation. Peru agricultural exports are highly appreciated and includeartichokes, grapes, avocados, mangoes, peppers, sugarcane, organic coffee and premium-qualitycotton. The Government of Perus economic stabilization and liberalization program loweredtrade barriers, eliminated restrictions on capital flows, and opened the economy to foreign12
  13. 13. HOW THE HEALTH OF LATIN ECONOMIES IMPACTinvestment, with the result that Peru now has one of the most open investment regimes in theworld. Peru is an international leader in fishing, producing nearly 10 percent of the worlds fishcatch. A Peru rank fifth worldwide in gold production (first in Latin America), second in copper,and is among the top 5 producers of lead and zinc. Manufacturing: Because of its longdependence on raw material exports, Peru has developed a minor manufacturing sector. Thesector now represents 23 percent of GDP and is tied heavily to mining, fishing, agriculture,construction and textiles (Avameg,2011). Manufacturing is mainly devoted to processing to gaina value-added advantage. The most promising sector is textiles, metal mechanics, food industryand agricultural industry (Avameg, 2011). Tourism has represented a new growth industry inPeru since the early 1990s, with the government and private sector dedicating considerableenergies to boosting the countrys tourist destinations both to Peruvians and foreigners (Avameg,2011). Between 1992 and 2001, Peru attracted almost $17 billion in foreign direct investment inPeru, after negligible investment until 1991, mainly from Spain, the United States, Switzerland,Chile, and Mexico. Chile Current Market Chile has one of Latin America’s fastest growing and strongest economies. Chileseconomy is based on the export of minerals, which account for about half of the total value ofexports. Copper is the nations most valuable resource, and Chile is the worlds largest producer.Agriculture is the main occupation of about 15% of the population; it accounts for about 6% ofthe national wealth, and produces less than half of the domestic needs. The Vale of Chile is thecountrys primary agricultural area; its vineyards are the basis of Chiles wine industry. Grapes,13
  14. 14. HOW THE HEALTH OF LATIN ECONOMIES IMPACTapples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, onions, potatoes, sugar beets,and beans are the chief crops. Livestock production includes beef and poultry. Sheep raising isthe chief pastoral occupation, providing wool and meat for domestic use and for export. Fishingand lumbering are also important economic activities. Chiles industries largely process its rawmaterials and manufacture various consumer goods. The major products are copper and otherminerals, processed food, fish meal, iron and steel, wood and wood products, transportationequipment, and textiles. Chiles overall trade profile has traditionally been dependent uponcopper exports. The state-owned firm CODELCO is the worlds largest copper-producingcompany, with recorded copper reserves of 200 years. Chile has made an effort to expandnontraditional exports. The most important non-mineral exports are forestry and wood products,fresh fruit and processed food, fishmeal and seafood, and wine. The dependence of the economyon copper prices and the production of an adequate food supply are two of Chiles majoreconomic problems. Chiles main imports are petroleum and petroleum products, chemicals, electrical andtelecommunications equipment, industrial machinery, vehicles, and natural gas. In addition tominerals, it also exports fruit, fish and fish products, paper and pulp, chemicals, and wine. Thechief trading partners are the United States, China, Brazil, Japan, Mexico, Argentina, and SouthKorea. Chiles GDP was $231, 925 billion with 6.2% growth. Their exports were $71, 029 billionin 2010. Their imports were $55, 174 billion in 2010 and consisted of petroleum and petroleumproducts, chemicals, electrical and telecommunications equipment, industrial machinery,vehicles, and natural gas. Their main import partners are United States, China, Argentina, Brazil,and South Korea.14
  15. 15. HOW THE HEALTH OF LATIN ECONOMIES IMPACT Global/US Impact Chile has a market-oriented economy characterized by a high level of foreigntrade and a reputation for strong financial institutions and sound policy that havegiven it the strongest sovereign bond rating in South America. Chile deepened itslongstanding commitment to trade liberalization with the signing of a free tradeagreement with the US, which took effect on 1 January 2004. The United States-ChileFree Trade Agreement is a free trade agreement between the United States and Chile signed onJune 6, 2003. The pact came into force on January 1, 2004 after nearly a decade of negotiationswith the US being Chile’s main trading partner. On that date, tariffs on 90% of U.S. exports toChile and 95% of Chilean exports to the United States were eliminated. The agreement alsoestablished that Chile and the U.S. will establish duty free trade in all products within amaximum of 12 years (2016). In 2009, bilateral trade between the United States and Chilereached US$ 15.4 billion, a 141% increase over bilateral trade levels before the U.S.-Chile FTAtook effect. In particular, U.S. exports to Chile in 2009 showed a 248% increase over pre-FTAlevels. Chile claims to have more bilateral or regional trade agreements than anyother country. It has 57 such agreements (not all of them full free tradeagreements), including with the European Union, Mercosur, China, India, SouthKorea, and Mexico. Canadian-Chilean relations reached an important milestone in 2007, withthe 10th anniversary of the Canada-Chile Free Trade Agreement (CCFTA). Signed onDecember 5, 1996, and implemented on July 5, 1997, the CCFTA is a comprehensive agreementthat covers trade in goods and services, as well as the bilateral investment relationship. TheCCFTA was Canada’s first Free Trade Agreement (FTA) with a South American country, while15
  16. 16. HOW THE HEALTH OF LATIN ECONOMIES IMPACTfor Chile it was the first comprehensive FTA concluded with any country. Since the CCFTA’s entryinto force a decade ago, bilateral trade in goods has increased by 226%, growing from $718 millionwhen the CCFTA entered into force in 1997 to $2.34 billion in 2006. Bilateral trade in services reached$164 million in 2005 (the latest year for which statistics are available), and Canadian investments inChile reached $5.17 billion in 2006. The Australia-Chile Free Trade Agreement (FTA) is a significant market openingagreement which will result in the immediate reduction of tariffs on 97 per cent of goodscurrently traded. Tariffs on all existing merchandise trade between Australia and Chile will beeliminated by 2015. The Australia-Chile FTA was entered into on 6 March 2009. The Australia-Chile FTA eliminates immediately Chiles tariffs on almost 92 per cent of tariff lines covering 97per cent of goods currently traded. This includes Australian coal, meat, wine and key dairyexports and all other industrial goods of interest to Australia. The FTA will strengthencommercial links between Australia and Chile. The FTA covers trade in goods, services, andinvestment and is liberalizing with commitments that go beyond both countries’ WTOcommitments. The European Union and Chile also recently signed a comprehensive associationagreement giving Chile’s goods free access to the European market of 400 million people. Theagreement covered all aspects of bilateral trade relations. Chile and South Korea also signed afree trade agreement in October 2002. This came after 2 years of negotiations and marked SouthKorea’s first trade agreement with a foreign country. As part of the FTA, South Korea willeliminate tariffs on Chilean manufactured goods, with a few exceptions. In return Chile must end16
  17. 17. HOW THE HEALTH OF LATIN ECONOMIES IMPACTtariffs on 66 percent of South Korea’s exports to the country. Chile is currently in negotiationswith Singapore as well as part of its efforts to reach out to the countries in the Asian PacificEconomic Cooperative. Over the past seven years, foreign direct investment inflows have quadrupledto some $15 billion in 2010, but FDI had dropped to about $7 billion in 2009 in theface of diminished investment throughout the world. In December 2009, the OECDinvited Chile to become a full member, after a two year period of compliance withorganization mandates, and in May 2010 Chile signed the OECD Convention,becoming the first South American country to join the OECD. Suggestions for Lasting Growth I feel that Chile is already on its way for lasting growth by establishing tradeagreements with various countries as well as having very diversifiedimports/exports. My only suggestion is that they continue making agreements andeliminating tariffs to help increase their presence in the global trade market. Conclusion Over the past few years, Latin America has undergone dramatic political and economicchange. Much of the Latin American regions were characterized by volatility and risk scandals,crises and hyperinflation dominated the news. Investor was mostly dedicated merging marketfunds. Global asset allocation models as a general rule did not reflect any consistent interest inLatin American exposure.17
  18. 18. HOW THE HEALTH OF LATIN ECONOMIES IMPACTThen the last few years, Latin America has seen a complete transformation in the investorsentiment. Stable growth, lower market volatility, low inflation, declining interest rates andlower unemployment now provide the foundation for long-term growth in countries like Brazil,Mexico, Chile and Peru. Latin America sustained economic strength has impacted the globaleconomy greatly, which has increased political stability and nurtured the growth of the middleclass demographic. This amazing turnaround has been tremendous for investors. There is a greatdemand for yield globally at the moment, so much so that Latin America are seeing more clientsinvesting into Brazil, Mexico, Chile, and Peru. Latin America was where the economic andpolitical history seemed to be spotty in the last ten years, now Latin America, as an investmentdestination seems assured for the foreseeable future.18
  19. 19. HOW THE HEALTH OF LATIN ECONOMIES IMPACT ReferencesAhmad, T. (2011`, March 26). Latin Economy: When the partys over. Retrieved June 16, 2011, from Emerging Markets: http://www.emergingmarkets.orgAnvameg (April 2011). Retrive June 29,2011 from encyclopedia of the nations Businessweek (2009). Retrieved from content/jun2009/tc20090628_830521.htmDoing Business. (2010). Retrieved from, A. (2011). FT Global 500. FT Magazine. Retrieved from 2/1516dd24-9d3a-11e0-997d-00144feabdc0.html.ECEO. (2011). Profile of the Country and Political background. (2011). Retrieved June 29, 2011. From European Commissions Election Observation: Bigger in Texas. Even the Income Gap. Naftas Rolling Thunder. (2011, July 24). Bloomberg, p. 8.Fowler, H. (2011, March 24). Investment: Ebb and Flow. Retrieved June 16, 2011, from Emerging Markets: http://www.emergingmarkets.comFuture Years. Healthcare in Peru. (2011). Retrieved June 29,2011 from Future years (2010). Retrieved from
  20. 20. HOW THE HEALTH OF LATIN ECONOMIES IMPACTHall, C. (2010 March). Latin America on the Global investment map. Retrieved August 11, 2011, from The Trade News: global-investment-mapHornbeck, J. F. (2011). U.S.-Latin America Trade: Recent Trends and Policy Issues. Congressional Research Service.Kearney, A.T. (2010). Foreign direct investment (FDI) confidence index. Retrieved from Z xxxxindex.html.Mexico. (2010, December 14). Retrieved June 20, 2011, from U.S. Department of State: http://www.state.govMexico. (2011). Retrieved June 20, 2011, from Travel Document Systems: http://www.traveldocs.comMoore, P. (2011, March 25). latin America Sovereign Debt Roundtable. Retrieved June 16, 2011, from Emerging Markets: http://www.emergingmarkets.orgPeru. (2011) AnaPeruana. Retrieved June 29,2011 from, J. (2007). Brazil, the new oil superpower. Bloomberg Businessweek. Retrievedfrom, M. (Nov 2007) Retrive Nov 2007 from CRS Report for congress, M. (2011). U.S.- Mexico Economic Relations: Trends, Issues, and Implications.20