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April 13, 2016
Being continuously praised for its current development, growth and turning around its dictatorial governments and poor economies, Latin America is gladly lapping up the praises. The commendations continue with the World Bank’s Doing Business 2014 Report stating that Guatemala, Colombia and Mexico are among the best countries in the world to start a business. These previously unsung heroes have been quietly putting into place everything needed to make the country a success in the near future. Their fewer requirements, less bureaucracy and shorter waiting times are just some of the factors named in the Report that has resulted in the elevated status of many Latin American countries.
The economies of Latin America have been progressing, and have been the centre of studies for how best to turn around the problems encountered in Europe and across the world. Half of the countries in Latin America were featured in the World Bank’s Report showcasing the improvement of Latin American business policies and economies, thus making it easier to start and grow a business. Countries such as Mexico and Colombia were expected to make the study having recently been at the centre of attention for planned development and growth however, others such as, Guatemala featured as a welcome surprise.
Interestingly, Guatemala which gained the 79th spot in the general ranking was scored in the top 10 countries that made the most amount of progress last year. Some of the policies introduced by the Central American country included making an easier tax filing system and providing an online platform for all business procedures including registering a business and construction permits. This has in turn paid dividends as Guatemala has clearly made great strides forward in making life easier for new companies to establish themselves and grow. Although this turn of fortune for Guatemala is extremely positive the near future is extremely vital in the way that Guatemala sustains its development and continues to move forward in business accessibility. By ensuring that Guatemala continues down this path to success, the country can create more legitimate jobs and reduce poverty. The Report by the World Bank is in stark contrast to the International Monetary Fund’s list that ranks Guatemala as the 65th out of 184 of the poorest countries in the world and the third poorest in Central America, preceded by Honduras and Nicaragua.
Colombia, the rising star in Latin America is at its prime for foreign investment and in 2012 the previous records of investment were broken as they received over USD$15 billion according to Proexport, the government agency for trade, investment and tourism. Other countries in the region, such as the second-largest economy in the region, Mexico, was ranged in 53rd in the list; a ranking that is believed to improve in coming years as President Enrique Peña Nieto’s reforms are put into place. Other Latin American countries making the list included, stable Chile in 34th, Peru in 42nd and Uruguay in 88th.
Latin American countries, previously raged by violence, unstable governments and equally volatile economies are putting into place the measures needed to bring success within their own borders and in the wider field of the region. By reducing the barriers to foreign investors whilst also encouraging new companies to grow and develop in their country is showing to be a recipe for success. As the region continues to grow, prosper and develop it is making sure that it has set itself up to succeed not just in the short run but for many years to come.