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October 15, 2010
Latin America’s economic miracle

While Americans and Europeans, residents of “rich countries,” have spent the last few years fretting over their economic future, something remarkable has unfolded in a region that receives little international attention. Latin America now finds itself in the midst of an economic miracle.

The region that brought the term “Banana Republic” to the international lexicon of mockery, once the home of dysfunctional economies, runaway inflation and outrageously incompetent regimes, has become, for the most part, home to responsible governments producing impressive economic results.

With the notable exception of Venezuela and its few imitators, Latin economies are booming.

With the United States and Europe struggling to keep from plunging back into recession, Brazil’s economy, to cite one example, grew at a blistering

8.9 percent in the first half of 2010.

There is growing agreement that the best way to fight poverty is with market-friendly and fiscally responsible policies, and special programs to lift up the poorest and build up the middle class.

Frida Ghitis, The Miami Herald

Read more: http://www.kansascity.com/2010/10/14/2315505/latin-americas-economic-miracle.html#ixzz12RTRwZcO

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