Which Latam Countries have become more open to trade
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The article discusses the evolution of trade openness in Latin American countries over the past 60 years, highlighting the growth and diversification of some economies while cautioning against the potential adverse effects of increased dependence on trade.
Key takeaways:
1. Trade openness, measured as the percentage of GDP made up by a country’s total two-way trade, has grown significantly in many Latin American countries since 1960, with Mexico leading the way with a 300% increase.
2. A drop in trade openness is not necessarily bad, as some countries like Panama and the Dominican Republic have successfully diversified their economies.
3. Increased dependence on trade can negatively affect the domestic industry and make countries more vulnerable to price shocks and international crises.
Counter arguments:
1. The article acknowledges that increased trade openness can negatively affect the domestic industry but does not delve into potential solutions or ways to mitigate these effects.
2. The article focuses primarily on trade openness’s economic benefits and drawbacks without exploring potential social or environmental impacts.
Source: Latinometrics
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