Reading about Latin America in the news can be hard to stomach. From economic crises and political shocks to environmental disasters and violent crime, the region is seen by media outlets as a plentiful source for the outrageous, the saddening and the exotically violent.
But there’s enough good news in Latin America to go around. It’s only a matter of gathering them all up and presenting them for what they are: signs of improvement in a region that has long struggled to achieve peace and prosperity for its people.
Below you’ll find six relatively recent news stories that show how things are improving in specific Latin American and Caribbean countries, or in the region as a whole. From environmental and technological feel-good stories, to economic and financial victories, it’s clear that not everything gloom and chaos in the southern half of the Americas.
Deforestation Hits Record Low in Colombian Amazon
Colombia’s Environmental Ministry recently informed that deforestation in the country’s Amazonian corner reached its lowest numbers in history.
Deforestation fell 36% in 2023, compared with the year prior. This means that the surface area affected by deforestation fell more than ever before over a yearly period (from 477 square miles in 2022 to 305 square miles in 2023).
The Colombian government –under President Gustavo Petro– has explicitly stated its goal of protecting the Amazon Rainforest from deforestation, which tends to be caused by illegal logging operations. Although the country’s Environmental Minister recognized that there’s still much work to be done, he characterized 2023’s low deforestation numbers as “very good news.”
Colombia isn’t the only country keeping deforestation at bay. Brazil’s environmental authorities reported that deforestation in their segment of the Amazon halved in 2023, a record low for the country in the past five years.
The Amazon Rainforest is by far the largest and most biodiverse tropical rainforest in the world. It is estimated that 10% of the Earth’s species and 20% of the planet’s liquid freshwater is located in the Amazon.
FDI Keeps Breaking the Scale in Mexico
Foreign investors have yet to be deterred from sending their capital to Mexico.
The country’s Economy Secretariat reported that foreign direct investment (FDI) surpassed the US$31 billion mark in the first half of 2024. The number represents a 7% increase compared to the first half of 2023, more than triples FDI volumes registered for the period just a decade ago and hits a new historic high for foreign investment in the country.
Record FDI volumes have become almost a matter of routine for Mexico over the past 10 years. A mix of geopolitical spats between China and the US, the recent history of supply chain crunches, a renewed trade deal with Canada and the US, increasing interest from Chinese investors and a lot of buzz around nearshoring have positioned Mexico as the most convenient entry point to the North American market.
Not even President Andrés Manuel López Obrador’s reputation as a investors’ scarecrow has stopped global businesses from flocking to Mexico in search of opportunities. There are similar concerns surrounding López Obrador’s successor –Claudia Sheinbaum–, but if Mexico’s FDI dynamics are anything like we’ve seen over the past decade, the money will keep flowing.
Jamaica’s Finance Minister to IMF Deputy Spot
Jamaica’s Finance Minister Nigel Clarke will be leaving his duties in the island to serve as one of three deputy’s in the International Monetary Fund (IMF).
Clarke was officially nominated by IMF Managing Director Kristalina Georgieva to replace current Deputy Director Antoinette Sayeh, who’ll be stepping down from her duties in September. Clarke will take over her office by October 31.
Clarke will be the first Jamaican national to serve in such a high-profile position at the IMF. During his tenure as Finance Minister, he has earned a reputation as an effective crisis manager and financial reformist. He spearheaded the initiative to grant independence to Jamaica’s central bank, the creation of an independent fiscal commission, a renewed tax policy and changes to public investment management. He was also in charge of leading Jamaica’s economic policy during the COVID-19 pandemic.
While Clarke’s appointment won’t necessarily translate to direct economic or financial benefits to Jamaica, he might bring some much-needed visibility to the island within the IMF agenda. As Jamaican Prime Minister Andrew Holness put it, “it is to the benefit of Jamaica and the Caribbean region for one of our nationals to serve in such a consequential global position.”
Tourists Flock Back to El Salvador in Record Numbers
Just five years ago, El Salvador was known as one of the most violent countries in the world. Now, it is rehabilitating its reputation as a hotspot for tourism and investment.
Over 3.4 million international tourists visited El Salvador in 2023, according to data from the country’s central bank. The number marks a historic high for El Salvador.
El Salvador’s touristic revival is a complicated phenomenon, much of it attributed to the security policies of President Nayib Bukele. Though controversial for their forceful approach, the change in the country’s security profile –particularly in the eyes of foreigners– is undeniable.
Coupled with its security policies, the Salvadoran government is also betting big on its tech industry. The country made headlines years ago by making bitcoin a legal tender, a move that has turned it into a favorite spot of crypto cowboys in the Americas and which attracted the attention of other tech entrepreneurs.
The Best Coder in the World is a Young Chilean Student
The best programmer in the world is barely 23 years-old, and he’s from Chile.
Martin Andrighetti won the latest edition of CodeVita, a global competition for young software developers sponsored and organized by Indian tech services giant TCS. Andrighetti –who is less than a year away from earning his Computer Science degree at Chile’s Pontificia Universidad Católica– beat 25 other programmers from several parts of the world in the competition’s grand finals.
CodeVita is, more than anything, a showcase for each participating country’s crop of young software developers. The fact that a student from Chile won –and that other Chilean nationals have ended as runner-ups– underlines the country’s tech education credentials.
Chile is known among nearshore enthusiasts as a good spot for highly specialized techies. It is one of the few Latin American countries with respectable R&D programs and a productive knowledge ecosystem. Andrighetti adds credence to the country’s reputation, and could feed the growing interest foreign investors hold for Latin American tech.
Tech Drives LATAM’s Green Revolution
Regarded for decades as one of the world’s technological backwaters, Latin America is now making strides in a highly relevant tech battlefront: green innovation.
Latin America has become fertile ground for green tech startups. Every year, the creativity and ingenuity of more and more young, “green-minded” entrepreneurs in Latin America is showcased by local and international media. With the most recent upgrade to AI tech, it seems like the region’s crop of environmentally friendly green tech startups will be even more fruitful.
And it’s not only industry. Several governments in the region seem to be taking climate goals seriously. From a pledge to eliminate the oil industry in Colombia, to Chile’s bet on lithium batteries and other renewables, to Mexico’s recent promise to move towards greener energy sources, mindsets are changing across the lower half of the continent.
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Publish date : 2024-08-29 07:38:00
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