But other Latin American economies are expanding fast and sees good potential for exports.

It's obvious the whole Latin American economy will do better if it acts as one," he said.

Finally, there is a sense that the Latin economies have bottomed out and are in a recovery phase.

The 2000s commodities boom caused positive effects for many Latin American economies.

All major Latin American economies have embraced market reforms and growth is expected to improve.

He dedicated especially to philosophy, Latin American economy, psychology and education.

Most important, the Latin economies could not generate enough income in the 1980's to repay their debt.

The Latin American economy as a whole is expected to grow 3.7pc in 2012, down from 4.3pc in 2011.

It is not just the Latin American economies which are hurting.

Higher interest rates also exacerbate the already precarious state of Latin economies.