Fecha Publicación: 27-07-2022

Globalization has been the watchword of the last 40 years, credited with boosting economic growth and bringing hundreds of millions out of poverty—while also charged with increasing inequality and destroying jobs and communities. Yet as trade, services, data, people and ideas internationalized, they didn’t do so uniformly or consistently. Some countries and regions did better than others. Latin America, unfortunately, has been one of the losers.

Most of Latin America hasn’t really “globalized” or even internationalized. Brazil and Argentina remain two of the most closed economies in the world, with trade amounting to less than 30% of GDP. Latin America and the Caribbean as a region is a full 11 percentage points below the global average (45% versus 56%) in terms of the importance of trade for their economies, and far from emerging market stars and commercial competitors where trade flows can rival overall GDP in size.

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