The region, from Mexico to Brazil and Chile, is huge, keeping in its subsoil world-sought commodities that boost a healthy maritime sector attracting the world’s largest shipping lines to transport them to the US, Europe, and Asia.
These past two years have been difficult for every sector of the global economy and Latin America was no exception. The war in Ukraine has generated crises in many a country, but Latin American financial institutions have been relatively insulated from the financial sanctions affecting Russia because they have a limited business relationship with the countries involved in the armed conflict.
The economies of Latin America and the Caribbean have continued their strong post-pandemic rebound, but the winds are shifting as global financial conditions are tightening and commodity prices are reversing their upward trend, while inflationary pressures persist.
On the back of a solid first half of 2022, and despite an expected slowdown in the second half, the World Economic Forum forecasts the region to grow by 3% this year and 2% growth in 2023.
Read Seatrade Maritime Special Report: Focus on Latin American Shipping 2022