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South America: Recession Can Be Avoided

But some outside help could be useful

Since the financial meltdown began in mid-September, the bond markets of most of the region (Brazil, Argentina, Colombia and Venezuela) have been hit, as well as most of their stock markets and a number of currencies. The old adage that "When America gets a cold, Latin America catches pneumonia" has been widely cited. Can South America escape the wrath of the economic and financial storms that have their epicenter in the United States? By Mark Weisbrot

The steep drop in commodity prices in recent months has also reduced export and government revenue to a number of countries (Argentina, Brazil, Ecuador, Venezuela, Peru, Chile) where previously high prices of agricultural crops, minerals, and hydrocarbons has contributed to a growth spurt over the last few years. However, there is good reason to believe that South America, in particular, can weather this storm with minimal damage if it adopts the right macro-economic policies ...

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