The Great Recession in South America, as it mainly consists of commodity exporters, was not directly affected by the financial turmoil, even if the bond markets of Brazil, Argentina, Colombia and Venezuela have been hit.
Subsequently, South American countries were affected by both the global slowdown and the decrease in food prices due to declining demand.
[10] As the second-largest economy in South America and an important exporter of both machinery and agricultural goods, Argentina has been affected by the global slowdown.
Indeed, the tourism sector makes up a large part of the Islands' economies, so that they are heavily dependent on the number of U.S. visitors each year.
[17] However, the lower inflation and currency depreciation in several Latin American and Caribbean nations can have offset this impact of the Great Recession, sustaining the activity.