MILAN – By 2050, Brazil and Mexico will be among the world’s six leading economies, according to analysts at the investment bank Goldman Sachs. Does the European Union care? Is Latin America to be Europe’s next missed business opportunity?
Latin America has a population of 550 million, with average yearly per capita income of $4,000, immense natural resources, and substantial human capital. It accounts for 8% of world production and grew by more than 5% in each of the past three years. Although the United States remains the main destination of Latin American and Caribbean exports, Asia is becoming an increasingly important market for goods based on natural resources.