The Economic Commission for Latin America and the Caribbean says the region will grow by 4.7% this year. The interesting part of the estimate is that it is based in large part on access to credit for consumption. I had just written about concerns that consumerism could create the same type of economic crisis that hit the United States. I don't consider myself a pessimist by nature, but I keep finding warning signs in all the rosy growth pictures. To be fair, ECLAC does mention it:
The region could become more vulnerable to speculative capital movements that may create bubbles in financial and real estate markets.
As always, let's hope that economic growth is more equitable in the past. The Peruvian presidential election is a stark reminder that it is dangerous to focus on GDP growth alone.