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Best economies in Latin America and the Caribbean

According to a recent report from the World Economic Forum, Latin American countries need to put structural reforms in place in order to strengthen the region’s economy. While those changes are discussed, digested and debated which countries offer have the best economies in Latin America?
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Chile

Chile is number one in the region thanks to low levels of corruption and an efficient government. Small public deficit and low public debt also helps the country to be more than competitive with its neighbours. The issue for Chile is that the economy is not diverse enough. The recent decline in the price of minerals shows that the country’s move towards knowledge-based endeavours will bear fruit and help it retain its position in the region.

Panama

This is the second best economy in the area. It’s recently fallen in the global rankings thanks to the perception that the country cannot fight internal corruption effectively enough for major international investment but it still remains the second most important nation in the region. Panama has an impressive infrastructure including some of the world’s best ports and airports which will help it retain its status.

Costa Rica

Costa Rica continues to be the third best economy in the area thanks to stable and strong institutions. It has one of the best education systems in the area so it could well be a country to invest in over the coming years. Unfortunately the country’s infrastructure holds it back as the road network is very poor and the financial networks are difficult to access. A high budget deficit should also be noted.

Barbados

The global financial crisis continues to plague Barbados but it still remains in the top four for this region. Local businesses are still having trouble financing their ventures thanks to the credit crunch but there are signs of improvement. The country’s skilled labour force, which is thanks to their high-quality education system, means that the future’s bright for Barbados.

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