News in Latin America: November Recap
Discover the latest news in Latin America. Let’s see what happened in November!
Colombia’s Rainy Season and Its Impact
In November 2024, Colombia endured an intense rainy season that severely affected 27 of the country’s 32 departments. In response, President Gustavo Petro declared a national disaster to mobilise resources and prioritise aid for the worst-hit areas, including the departments of Chocó, La Guajira, and the capital, Bogotá.
The heavy rainfall triggered widespread flooding, river overflows, and landslides, leaving over 46,000 families affected. In Chocó alone, more than 30,000 families suffered considerable losses, with damage to over 4,000 homes, 18 schools, and 1,500 hectares of crops. Other regions, such as Huila, Cauca, and Norte de Santander, also reported severe emergencies, including fatalities caused by landslides and avalanches.
Meanwhile, Bogotá continues to grapple with water rationing due to a prior drought, compounded by urbanisation in the region and the effects of climate variability. Authorities have implemented measures to address the crisis and mitigate further impacts as the rainy season is expected to persist into December.
Marking the Anniversary of the Peace Accords
November 2024 also marked eight years since the signing of Colombia’s Peace Agreement between the government and the FARC. The anniversary prompted a mix of reflections on notable progress made and the challenges that remain.
The main commemoration took place in Plaza de Bolívar, Bogotá, with President Gustavo Petro in attendance, alongside representatives from the UN, former combatants, and communities affected by the conflict. The event featured cultural activities and discussions aimed at promoting economic development in conflict-affected areas, as well as tailored approaches for victims, women, and indigenous communities.
The commemoration underscored Colombia’s ongoing commitment to achieving lasting peace, while also highlighting the need for continued efforts to overcome deep-seated structural challenges and build a sustainable future.
Central America
Guatemala
The Bank of Guatemala (Banguat) forecasts stable economic growth for 2025, projecting a GDP increase of 3.7% and controlled inflation within the target range of 3.75%. These estimates are supported by robust economic policies, growth in remittances, private sector credit, and international reserves.
Álvaro González Ricci, president of Banguat, emphasised that achieving higher levels of development hinges on boosting national productivity and sustaining investment in key sectors. Furthermore, the International Monetary Fund (IMF) supports these projections, estimating a GDP growth rate of 3.6% for Guatemala.
However, the IMF has warned that structural challenges such as low investment and productivity must be addressed to ensure inclusive and competitive development.
Costa Rica Signs Free Trade Agreement with the United Arab Emirates (UAE)
Costa Rica has signed a free trade agreement with the UAE, aiming to broaden competitive opportunities for domestic producers and increase access to a variety of raw materials, capital goods, transportation equipment, construction materials, and fuels. Costa Rica’s primary exports to the UAE include bananas, tropical fruits, medical devices, fibre optic cables, ornamental plants, and coffee.
Meanwhile, imports from the UAE, entering Costa Rica duty-free, will consist of inputs such as polymers for the plastics industry, wires, metal sheets and strips, perfumes, fuels, and medicinal extracts.
The agreement is expected to enhance the quality and competitiveness of products, offering consumers better options and driving economic benefits. Costa Rican exporters will gain preferential access to a market of 10 million high-income consumers. The Comprehensive Economic Partnership Agreement (CEPA) on trade and investment will foster investment opportunities, eliminate most tariff barriers, and support the growth of small and medium-sized enterprises.
Dominican Republic Welcomes Over 9 Million Visitors from January to October
Tourism in the Dominican Republic has seen exceptional growth in 2024, with 9,082,298 visitors arriving between January and October. This represents a 47% increase compared to the same period in 2019, 35% compared to 2022, and 10% compared to 2023. The diversification of the tourism sector has been key, with notable progress in ecotourism, cultural tourism, medical tourism, sports tourism, and MICE (Meetings, Incentives, Conferences, and Exhibitions).
For example, the revitalisation of the Colonial City in Santo Domingo has drawn visitors interested in the country’s cultural heritage. Additionally, over $1.5 billion has been invested in infrastructure to upgrade airports, ports, and roads, improving connectivity and expanding reception capacity in major destinations like Punta Cana and Puerto Plata. These efforts have facilitated increased tourist arrivals via both air and sea.
Tourism Revenues in Panama Rise by 9.6% in 2024
Panama’s tourism revenues grew by 9.6% in the first eight months of 2024, reaching $4.05 billion. International visitors stayed an average of eight days and spent $273 per day, underscoring tourism’s significant contribution to the national economy. Tourist arrivals increased by 9%, with Tocumen International Airport reporting a 15% rise in passenger numbers.
Central and South America led the inflow of visitors, followed by North America and Europe, reflecting the sector’s market diversity. Panama continues to position itself as a premier sustainable tourism destination by enhancing its offerings and strengthening air connectivity. The country’s strategy of highlighting its cultural, natural, and commercial assets is helping to solidify its role as a key regional tourism hub.
Peru
APEC in Lima
On 15–16 November, Lima hosted the Asia-Pacific Economic Cooperation (APEC) summit. During the event, APEC leaders advocated for reducing economic informality and revitalising free trade initiatives, emphasising the importance of these goals amidst ongoing tensions between the United States and China. Among the summit’s most notable achievements were the inauguration of the Chancay Megaport, the expansion of the Free Trade Agreement with China, and the partial use of the new runway at Jorge Chávez International Airport, which is nearing full operation.
Inauguration of the Chancay Megaport
On 14 November, the Chancay Megaport was officially inaugurated, representing a US$3.4 billion investment led by the Chinese company COSCO Shipping Ports. The megaport aims to establish Peru as a crucial logistics hub in South America, streamlining trade between Asia and the region. Strategically located, the port is expected to reduce shipping times between Asia and South America by ten days.
CADE 2024 Held in Arequipa
The 62nd edition of CADE Executives was held in Arequipa against a backdrop of economic stagnation, albeit with some optimism stemming from agreements reached during APEC. Prominent Peruvian business leaders and politicians convened to discuss the current institutional landscape, the public agenda on social and economic issues, and the State’s capacity to foster private investment, implement effective public policies, and deliver high-quality services.
Argentina
Climate Change and Environmental Policy
Argentina withdrew from the COP29 climate summit in protest against the lack of concrete action on climate change. The country also voted against a United Nations resolution to eliminate violence against women and girls, a move that sparked significant controversy.
Argentina made headlines for pulling its delegation out of the climate summit in Baku, Azerbaijan, only three days after the conference began. This decision, taken by President Javier Milei, caused surprise and concern both domestically and internationally. The withdrawal excluded Argentina from key negotiations on climate finance and the global carbon market, potentially jeopardising the country’s ability to secure climate finance on equitable terms and diminishing its influence on global decisions affecting sustainable development.
G20 Summit
At the G20 summit held in Rio de Janeiro, Brazil, Argentina’s President Javier Milei and Brazil’s Luiz Inácio Lula da Silva met face-to-face for the first time. Their interaction was notably strained, with a greeting described as cold and brief, reflecting the ideological and political differences between the two leaders.
The summit served as a platform for discussions on pressing global issues, including climate change, economic challenges, and international cooperation. Despite their tensions, both leaders aimed to maintain a diplomatic tone during the proceedings.
Mexico
Buen Fin 2024
In November 2024, the “Buen Fin” commercial event generated an economic impact of 49.5 billion pesos in Mexico City. This figure represents a 13% increase compared to the previous year, underscoring the recovery of consumer spending following the pandemic. The event not only benefits local businesses but also draws interest from other countries in the region, which view this model as a potential strategy to boost their own economies.
World Diabetes Day
On 14 November, Mexico marked World Diabetes Day, bringing attention to the fact that diabetes is the second leading cause of death in the country. Health authorities launched awareness campaigns focusing on the prevention and management of this chronic disease.
The observance had a regional impact, as many Latin American nations face similar challenges related to non-communicable diseases and are looking to Mexico’s initiatives for inspiration to strengthen their own health systems.
Creation of New Government Ministries
In a bid to promote equality and scientific development, the Mexican Senate approved reforms to establish the Ministry for Women and the Ministry for Science, Humanities, Technology, and Innovation.
These new entities aim to tackle critical issues such as gender equity and scientific advancement in the country. This development has attracted attention from other Latin American countries grappling with similar challenges in the areas of equality and technological progress.
Increase in International Tourism
Mexico welcomed 6.3% more international tourists in the first nine months of 2024 compared to the same period in 2023, reaching a total of 32.6 million visitors. Tourism revenues also rose by 5.1%, amounting to $22.32 billion. The Ministry of Tourism emphasised that tourism has become one of the country’s primary economic drivers, with sustainability increasingly being adopted as a key approach to fostering shared prosperity between local communities and visitors.
Brazil as a Top Spot for Investment
Lately, Brazil has been grabbing the attention of foreign investors, especially after hosting the G20 summit in November. The event showed the world that Brazil is open for business, welcoming partnerships and investments in areas like infrastructure, tech, and renewable energy. With tax breaks for tech firms and new projects in transport and green energy, Brazil is shaping up to be a key place for businesses looking to grow.
Sustainability Taking Centre Stage
Protecting the Amazon and tackling climate change were big talking points during the G20 in Brazil. The country is keen to take the lead in pushing for more sustainable practices, especially in agribusiness, where it’s already a global standout. This focus on sustainability is pulling in foreign companies eager to work on projects that mix innovation with caring for the environment.
A Buzzing Economy with Fresh Opportunities
As Brazil’s economy shows signs of bouncing back, the market is full of opportunities, particularly in e-commerce, tech, and high-end food products. At the G20, Brazil also pushed for fairer global trade rules to benefit emerging economies. For businesses abroad, it’s a great moment to step into the market and make the most of rising consumer demand.
Thank you for reading the latest news in Latin America. See you next month!
