As a result of the global recession and U.S. financial crisis, Europe and the U.S. had little growth versus Latin America. Latin America saw a growth rate of 5 percent with country’s like Brazil having a 7.5 percent rate of growth and Argentina a 9 percent rate.
These robust rates of growth, accomplished in great part to domestic market growth, rapidly expanding trade with Asia, and large direct foreign investment in the region. Mexico, in spite of its drug cartel violence and proximity to U.S. financial markets had a 5 percent growth rate.
Where as the European Union saw just a 1.7 percent growth rate and the U.S. did slightly better with a 2.6 percent rate.
Most importantly the region pursued conservative and prudent financial policies within each of their country’s allowing them to escape the full brunt of the global recession.