For much of the 20th century, Latin American economies showed little growth and weak demand, particularly when compared against other booming global markets. In recent years, however, changing economic policies, globalization, energy discoveries and myriad other factors have given rise to budding economies boasting robust exports and wealthier middle classes.
During the most recent global financial crisis, many Latin American markets weathered the economic storm better than other regions in the world. While the International Monetary Fund lowered its 2011 economic growth forecast for Latin America citing slower demand given tighter macroeconomic policies and weaker global growth, Latin America and Caribbean economies, driven by commodity producers, should expand 4.5 percent this year.
Brazil – one of the famed BRIC countries – has the sixth largest economy in the world, with a GDP of more than $2.2 trillion, but other Latin America countries are also showing growing demand and exports. By this, Latin America is one of the most promising regions for air cargo. At the Air Cargo 2012 Conference on March 19, American presented the top five trends driving growth and opportunity in Latin America.