Latin America In Better Position Than Asia To Grow This Decade

By Dialogo
July 07, 2010

Latin America is in a better position than Asia to come out ahead in the
decade beginning in 2010, Banco Santander’s general manager for the Americas,
Francisco Luzón, affirmed Monday.

“The time is ripe for Latin America, the emerging region best positioned,
even better than the Asian countries, to benefit during the 2010-20 decade from the
globalization process underway,” he declared at a conference at Ménendez y Pelayo
International University (UIMP) in Santander (in northern

He argued that Latin America is ahead of Asia in improvement of living
conditions, education, technological revolution, poverty reduction and expansion of
the middle class, wealth distribution, improvement of economic institutions and
policies, the sustainability of public finances, and market

In addition, he emphasized “the prudent and responsible behavior” of the
major countries (Brazil, Mexico, Argentina, Chile, Colombia, Peru, and Uruguay) of
the region “faced with the world economic and financial crisis” and highlighted
these countries’ “capability to act as economic motors.”

In the financial sphere, he emphasized that “Latin America has the world’s
best regional financial system, capable of making a decisive contribution to
sustained growth in the region” through “its support of growth in savings and
investment and by expanding the population’s access to banking

He also praised the “greater independence of their central banks, more
committed to price stability, and the improvement of banking regulations and
supervision,” in addition to the “reduced importance of public banks” over the last
decade, in favor of international banks and new domestic banks.

He characterized the process of the expansion of access to banking services
between 2003 and 2008 as a “golden five years” and predicted a “new push forward in
this process.”