THE WORLD’S NEXT GREAT MARKET
With a population of 581.5 million people, living in 20 countries and on 23 islands, Latin America covers a land-mass of almost 20 million square-kilometers, from Mexico in the north, traversing Central and South America, and across the Caribbean Basin. It is a region that is enjoying unprecedented economic growth, sustained by political and social stability. It also is a market of vast and untapped potential.
With a GDP currently standing at U.S. $7.11 trillion, the Latin American economy was forecast to grow at an annual rate of 4.6 percent from 2013 to 2030, second only to the developing countries of Asia. In contrast, average growth in GDP for the United States over the period is forecast at 3 percent, Japan at 0.6 percent and the European Union at 2.4 percent.
Seven Latin American countries featured among the top 30 countries listed in the A.T. Kearney Global Retail Development Index for 2013. Three of the top 10 countries were from the region, with Brazil, Chile and Uruguay respectively taking the first, second and third spots. Peru, Colombia, Panama and Mexico also made it into the top 25.
According to Americas market Intelligence, by 2020 the region of Latin America will have a combined GDP of U.S. $ 10.7 trillion, equivalent to 9 percent of the global GDP, and double that of 2010.
Private consumption per head will reach U.S. $11,143, compared to U.S. $ 6,360 in 2012. By 2020, Latin America will represent 10 percent of the global population, with a total market of 640 million consumers.