The latest data shows that Brazil's economy will grow by 3.4% in 2024, the highest growth rate since 2021. The picture shows the downtown commercial district and Guanabara Bay recently captured in Rio de Janeiro, Brazil. The World Bank's recently released "Global Economic Outlook" report shows that the economic growth rate in Latin America will be 2.2% in 2024 and is expected to rise to 2.5% in 2025. A recent report released by the United Nations Economic Commission for Latin America and the Caribbean analyzed that in the face of heavy pressure, Latin American countries will actively tap into economic growth momentum by accelerating industrial structure transformation and promoting regional integration in 2024. The poverty rate in the region will drop to the lowest level since 1990, and problems such as high inflation and liquidity shortage will be temporarily alleviated. Experts believe that most Latin American countries have made significant progress in controlling inflation and stabilizing the macroeconomy over the past year. At the same time, China's pragmatic economic and trade cooperation with Latin American countries continues to improve in quality and efficiency, injecting greater impetus into regional economic growth. According to a report released by the OECD, 22 countries in Latin America have achieved economic growth rates exceeding the regional average in 2024, with 7 countries surpassing the average growth rate of 4.2% for emerging markets and developing economies. Some Latin American countries have shown impressive economic performance. According to relevant statistics, Brazil's economy will grow by 3.4% in 2024, the highest growth rate since 2021; Peru grew by 3.3%, setting the highest growth rate since 2021; Chile grew by 2.6%; Uruguay grew by 3.1%; Costa Rica grew by 4.3%; Dominican Republic grew by 5.1%; Venezuela grew by 6.2%; Argentina shrank by 1.7%. The OECD stated that the Argentine economy has shown a rebound trend and is expected to grow by 3.6% and 3.8% in 2025 and 2026, respectively; Thanks to the recent discovery of abundant oil and gas resources, Guyana's economic growth rate is estimated to reach 41.5% in 2024. In 2024, domestic consumption in countries such as Colombia, Chile, and Brazil has shown significant recovery, entering the ranks of countries with significant month on month growth in global consumer confidence index. Taking Brazil as an example, its trade sales in 2024 increased by 4.7% compared to the previous year, achieving an increase for the eighth consecutive year. The report from Brazil's National Institute of Geography and Statistics believes that steady growth in income levels and employment is an important factor driving domestic consumption growth. According to a survey by the Brazilian Banking Union, the majority of respondents believe that the quality of life of the Brazilian people and the national economic situation will continue to improve by 2025, with 75% of respondents optimistic about the economic growth prospects for this year. Private consumption and public purchasing power in countries such as Chile and Peru have also shown a significant improvement trend. The report from the Central Bank of Peru shows that due to investment driven economic growth, domestic demand in Peru will increase by 3.8% in 2024. In the fourth quarter of 2024, Peru's private consumption increased by 4% year on year, reflecting the active labor market and declining inflation. Daniel Mourat, the Minister of Labor and Employment Promotion of Peru, stated that driven by economic expansion, the income level of the Peruvian people will increase by 2025, and the employment rate will also rise accordingly. Yue Yunxia, Deputy Director and Researcher of the Institute of Latin American Studies at the Chinese Academy of Social Sciences, believes that due to the cyclical rebound of commodity prices, the promotion of industrial structure reform, private investment, and consumption growth, the economies of most Latin American countries will show a positive trend in 2024. Many countries have achieved results in controlling inflation and debt risks, with increased fiscal and monetary policy space, nominal wage increases, and a temporary consolidation of the positive trend of economic structure in the future. Accelerating the diversification of industries. For a long time, the economy of Latin America has been highly dependent on the export of raw materials and primary products such as mineral and agricultural products, and lacks high value-added industries, making the regional economy vulnerable to fluctuations in commodity prices, external shocks, and domestic structural problems. In recent years, most Latin American countries have accelerated the transformation of their industrial structure, vigorously developed manufacturing, digital technology, and green industries, enhanced development resilience and sustainability, and improved the competitiveness of regional countries in the global value chain. The Brazilian government will launch the "Brazil New Industry" plan in January 2024, covering six priority areas: optimizing the agricultural industry chain, building a health industry economic complex, sustainable infrastructure construction, promoting digital transformation, encouraging green development, and enhancing national defense technology. In 2024, Brazil's industrial output achieved a year-on-year growth of 3.1%, which is 1.3 percentage points higher than the level in 2019. Peru focuses on deep processing of mineral resources, promoting the refining and added value enhancement of copper, gold, and lithium. Colombia will expand investment, accelerate the construction of infrastructure such as transportation, energy, information, and communication, and further promote industrial upgrading. Green energy transformation has become an important way for Latin American countries to enhance their competitiveness. Chile, with its abundant lithium resources, is accelerating the development of new energy industries such as lithium battery manufacturing, gradually consolidating its position in the global electric vehicle battery supply chain. Argentina is increasing its investment in the wind and solar energy industries, continuously enhancing its influence in the new energy market. Mario Pardo, CEO of Bilbao Vizcaya Bank Colombia, a Spanish financial institution, stated that Latin America has a rich clean energy matrix and enormous potential for development in areas such as green food production chains and ecotourism, which will bring more diverse possibilities for regional economic growth. In the process of adjusting industrial structure and promoting economic diversification in various countries, the process of regional integration in Latin America has also made positive progress. In July 2024, Bolivia completed the formal process of joining the Southern Common Market (Mercosur); In December 2024, the 65th Summit of the Southern Common City announced the acceptance of Panama as an associated country of the Southern Common City, and declared the end of the negotiations on the Southern Common City EU Free Trade Agreement that had lasted for more than 20 years. If the agreement can be successfully signed and implemented, it will create a free trade zone covering over 700 million people, with an expected 37% increase in bilateral trade volume, which will create more business opportunities for regional industrial and agricultural trade. Cooperating with China to upgrade the quality of the "Warm Camel" from Peru is a "full-time student" at the 7th China International Import Expo. The CIIE has opened up a vast Chinese market for high-quality alpaca wool products from Peru, and has also allowed Peruvian alpaca wool product craftsmen Oswaldo Mamani and his family to enjoy the tangible benefits of the "alpaca economy": the original one story handicraft workshop has been expanded to three floors, and Mamani has led more alpaca wool product craftsmen to rush to produce Chinese orders. Nowadays, the "Warm Camel" brand has settled in more than 30 physical shopping malls in China and opened sales channels on e-commerce platforms, with an annual sales volume of over 30000 pieces. Chinese consumers' appreciation and recognition of our works is the greatest encouragement to us, "said Mamani. From blueberries from Peru to cherries from Chile, from white shrimp from Ecuador to Brazilian coffee, Nicaraguan honey... In recent years, more and more high-quality products from Latin America have entered the Chinese market, making China the fastest-growing export market for Latin American countries. According to Chinese customs statistics, from January to November 2024, the trade volume between China and Latin America reached 475.816 billion US dollars, a year-on-year increase of 6.6%. The Economic Commission for Latin America and the Caribbean predicts that the trade volume between China and Latin America will exceed $500 billion by 2024. At present, China's free trade agreements with Nicaragua and Ecuador have come into effect, negotiations for upgrading free trade agreements with Peru have been completed, and negotiations for free trade agreements with countries such as El Salvador and Honduras are accelerating. Latin America has become China's second largest overseas investment destination after Asia, and China is also the main source of foreign investment in Latin America. China's investment in Latin America continues to diversify, gradually expanding from energy, minerals, and infrastructure to clean energy, green industries, high-end manufacturing, digital economy, and sustainable agriculture. The investment projects of Chinese enterprises, such as the Qiankai Port on the Pacific coast of Peru, the new energy buses on the streets and alleys of Chile, and the ultra-high voltage transmission network spanning multiple states in Brazil, have significantly improved the transportation and logistics efficiency and industrial competitiveness of Latin American countries, providing solid support for the economic transformation and sustainable development of regional countries. Fernando Cabrales, an economics professor at the University of Tarapaca in Chile, believes that Chinese investment has promoted the economic and social development of Latin American countries, deepened the economic ties and interdependence between Latin America and China. In the future, cooperation between Latin America and China will pay more attention to efficiency and quality, aiming to achieve sustainable development and mutual benefit. "China is no longer just an important export market for Latin American countries, but is becoming a positive driving force for the transformation of Latin American economies and industries. (New Society)