Economic and Financial Outlook for South America

South America: Recession Can Be Avoided (MRzine): "Can South America escape the wrath of the economic and financial storms that have their epicenter in the United States? Since the financial meltdown began in mid-September, the bond markets of most of the region (Brazil, Argentina, Colombia, Venezuela) have been hit, as well as most of their stock markets and a number of currencies. The steep drop in commodity prices in recent months has also reduced export and government revenue to a number of countries (Argentina, Brazil, Ecuador, Venezuela, Peru, Chile) where previously high prices of agricultural crops, minerals, and hydrocarbons has contributed to a growth spurt over the last few years. The old adage that 'When America gets a cold, Latin America catches pneumonia' has been widely cited."

Tourism isn't mentioned in this article, but is bound to be affected in the change in economic conditions. However, lest we be too discouraged, the author, after citing a number of possible avenues the South American countries might explore, concludes "there is no reason to expect South America to face the kinds of economic troubles that currently plague the United States."