Great Recession in South America
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The Great Recession in South America, as it mainly consists of commodity exporters, was not directly affected by the financial turmoil, even if the bond markets of Brazil, Argentina, Colombia and Venezuela have been hit.[1]
On the other hand, the continent experienced a tough
Then South American countries were affected by both the global slowdown and the decrease in food prices due to the declining demand.
Countries
Brazil
While previously thought immune to the
Argentina
As the second-largest economy in South America and an important exporter of both machinery and agricultural goods, Argentina has been affected by the global slowdown. The country has been seeing slower economic growth recently, seeing its growth rate forecast reduced from nearly 7% in 2008 to 0% in 2009,[11] and due to the steep drop in commodities prices, plus a long, damaging drought in the farm provinces, local economists believe the country may fall into recession.[12][13] However, former President Néstor Kirchner, the husband of the current president, Cristina Fernández de Kirchner and leader of the ruling Justicialist Party, said in a speech on February 17, 2009, that due to the international crisis, Argentina in 2009 will face "the most difficult year in the last century."[14]
Ecuador
Caribbean Islands
The
See also
- Great Recession in the Americas
- Great Recession in the United States
- Timeline of the Great Recession
References
- ^ ""Subprime": lejos de A. Latina" (in Spanish). BBC Mundo. August 1, 2007. Archived from the original on 2009-01-13. Retrieved 2010-01-05.
- ^ Poverty Declines Slightly in Latin America and the Caribbean, in Spite of Global Financial Crisis Archived 2011-07-20 at the Wayback Machine, ECLAC Notes Nº 59 (9 December 2008)
- ^ doi:10.1039/b822951c.
- ^ "Latin America risks reverting progress in poverty reduction / Global financial crisis will affect region's trade with the rest of the world" (PDF). ECLAC. December 2008. Archived (PDF) from the original on 2011-07-20. Retrieved 2010-10-02.
- ^ "Preliminary overview of the economies of Latin America and the Caribbean 2008". ECLAC. December 2008. Archived from the original on 2011-07-20. Retrieved 2010-10-02.
- ^ "Growth in Latin America and the Caribbean Is Projected to Be 1.9% in 2009". ECLAC. 18 December 2008. Archived from the original on 20 July 2011. Retrieved 2 October 2010.
- ^ "Amérique latine : fin de six années de croissance soutenue" (in French). RFI. 2008-12-19. Archived from the original on 2009-02-01. Retrieved 2010-10-02.
- ^ "South America: Recession Can Be Avoided". CEPR. November 16, 2008. Archived from the original on January 18, 2009. Retrieved October 2, 2010.
- ^ "Brazil Shrinks 3.5%, Worst Decline in 13 Years" Archived 2009-11-28 at the Wayback Machine, Brazzil, 11 March 2009
- ^ Regalado, Antonio. Brazil's Economic Outlook Becomes Focus in Political Battle. The Wall Street Journal. 2009-03-28. URL:https://www.wsj.com/articles/SB123792987606830301 Archived 2017-08-10 at the Wayback Machine. Accessed: 2009-03-28. (Archived by WebCite at https://web.archive.org/web/20090328063654/http://online.wsj.com/article/SB123792987606830301.htmlPlease note that the short ("opaque") form of the WebCite URL should be used only in addition to citing the original URL in your bibliographic reference. Alternatively, please use the "transparent" (but very long!) WebCite URL:
- ^ "El FMI dijo que la economía argentina no crecerá en 2009". Tucuman, Argentina: La Gaceta. Feb 5, 2009. Archived from the original on 2011-06-10. Retrieved 2009-02-19.
- ^ "Prevén que éste será el peor año económico desde 2002". Buenos Aires, Argentina: La Nacion. Feb 2, 2009. Archived from the original on 2009-02-20. Retrieved 2009-02-19.
- ^ "Argentina Announces $32 Billion Stimulus Package". Buenos Aires, Argentina: Latin American Herald. Dec 29, 2008. Archived from the original on 2012-06-07. Retrieved 2009-01-19.
- ^ "Para el ex presidente, el 2009 será "el año más difícil de los últimos cien" y pidió "memoria"". Buenos Aires, Argentina: El Cronista. Feb 19, 2009. Archived from the original on 2009-02-23. Retrieved 2009-02-19.
- ^ Ecuador renews default threats
- ^ "Stratfor.com homepage, December 5, 2008". Archived from the original on September 22, 2012. Retrieved October 2, 2010.
- ^ "Caribbean islands may be hit by US recession". Property Wire. 13 February 2008. Archived from the original on 15 July 2011. Retrieved 2 October 2010.
- ^ "Central America and the Caribbean Will Be the Most Affected Subregions By Standstill in Tourism". ECLAC. 23 December 2008. Archived from the original on 20 July 2011. Retrieved 2 October 2010.