Friday, December 20th 2013 - 06:48 UTC

Stiglitz says China demand for better diet will keep Mercosur countries busy

The commodities-exporting economies of Latin America will continue expanding in the years ahead, driven by demand from China despite slower growth in its economy, Nobel Prize-winning economist Joseph Stiglitz said during a conference round in Uruguay.

“Incomes in China have risen and the diet is changing and you Latin Americans will benefit from that”

 Latin America is reliant on demand from trade partners in Asia, especially China, as well as in Europe and North America.

Stiglitz, a former chief economist for the World Bank, said China's changing diet will keep the tap open for Latin American raw materials even as its economy slows to about 7% growth from 9%.

“That's still enough to keep Latin America growing,” the Columbia University professor said adding that “”I'm hopeful that even with China's growth going somewhere slower, the demand for commodities will continue because their incomes have risen and the diet is changing, you Latin Americans will benefit from that.”

Mercosur members Brazil, Argentina, Paraguay and Uruguay economies depend on agriculture. The region is a top supplier of soybeans and other grains to China, where they are turned into meal to feed cattle.

China's emerging middle class has discovered a taste for beef steak that is expected to continue despite slower growth in the country's GDP and this has been confirmed by growing volumes of imports from Australia, New Zealand but also Uruguay.

Latin America will pick up its pace of economic growth next year to expand between 3.2 and 3.3% as the global economy continues to strengthen, Inter-American Development Bank President Luis Alberto Moreno said late last month. In 2014 Latam grew around half a percentage point higher than the projected 2.7 to 2.8% expansion for this year, Moreno said.

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1 ChrisR (#) Dec 20th, 2013 - 03:53 pm Report abuse
Nobel Prize-winning economist Joseph Stiglitz, the Columbia University professor and a former chief economist for the World Bank.

I bet he has at least three solutions for every problem but won't tell you which one he would pick.

Economists - they have no understanding of the real world.
2 Stevie (#) Dec 21st, 2013 - 09:42 am Report abuse
Every time someone talk good about Latin America, you get all upset, Chris.
Why on earth did you choose to live in Uruguay??
3 ChrisR (#) Dec 21st, 2013 - 05:58 pm Report abuse
@ 2 Stevie

Let me ask you a couple of questions first. Do you believe this guy knows what he is talking about?

And what do people do who invest money in Uruguay and it does turn out to be anything like the truth? Remember Mantega and the 8% or so growth that Brazil was going to do and it turned out to be less than 3%?

“Why on earth did you choose to live in Uruguay??”

We could no longer afford Australia because of the Cunt Brown © Jeremy Clarkson 2010 and needed a much warmer country for my wife because of health problems. We looked at Valparaiso but decided on Uruguay: each is on the 39th Parallel, the same as Kadina in Australia where we would have settled.

We were very impressed with the working people of Uruguay when we came for a month in Feb – Mar 2010. They were very welcoming and did their best to answer us in English. Having stayed for two weeks in PdE we decided it was far too commercialised for us and started looking elsewhere, all along the coast on the way back to MVD.

Perhaps our disappointment with PdE rather dimmed our enthusiasm until we found a very nice single story casa with a sea view that we both thought we would be happy in. Before we came home I signed up an Escribana to act on our behalf and got things moving. We moved into our casa in the first week of May 2011 and have enjoyed our new experiences immensely in getting the place how we want it.

It was then that I began to realise that life for the working people was just like it used to be 50 years ago in the UK. Working five days a week for not that much money and held to ransom by the government and its monopolies over everything.

You cannot understand why I get angry for the people but I am not surprised by this when you see everything about the Tupamaros through rose tinted glasses.

The Tupas Director of Toxicology for Maldonado, her ONLY former experience was as the owner of a pizzeria, FFS. That is the corruption that is Pepe.

Now do you get it?
4 Stevie (#) Dec 22nd, 2013 - 09:09 am Report abuse
Chris
I'm actually quite sure the Nobel prize in Economy knows what he's talking about a heck lot more than you...

It is not a bad thing to stand up for your country when democracy is set aside, Chris. Even if you'd never have the guts, don't get upset with people that does.
5 ChrisR (#) Dec 22nd, 2013 - 07:54 pm Report abuse
@ 4 Stevie
”I'm actually quite sure the Nobel (sic)prize in (sic)Economy knows what he's talking about a heck lot more than you...”
REALLY? You DO know how economists have a joke at their own expense don't you? They put a number (x) of them in a room and ask them how to deal with a problem. They get x number say one thing and x number say the opposite but ZERO solutions or answers! Yes, they find it hilarious but they never bet their own money (see below).

www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2001/stiglitz-bio.html

Stiglitz has NEVER had a job as you or I know it. He has spent the largest part of his life in academia looking at what others have done in the real world and peeling off things that he thought would be useful to him! He actually went to Cambridge (UK) and did some research but no working for a living, no putting HIS money where his mouth is. At the World Bank he was a thorn in the side of the US (where he was born) mainly as a result of Reagan selling off oil licences very cheaply. Clearly Stiglitz did not recognise the cost of risk.

Given that you say you have no interest in money, this is the guy YOU should bank on (pun intended). The rest of us who invest our OWN money will continue to live in the real world.

“It is not a bad thing to stand up for your country when democracy is set aside, Chris. Even if you'd never have the guts, don't get upset with people that (sic) does.”

Another lie, democracy was not set aside in Uruguay, the failed lawyer didn't like having to face the people and get them to elect him.

And Stevie, if you live to be 100 you will never have the experiences or take the risks to your life that I have, especially in Nigeria. But carry on making it up, I don’t have to when telling the truth about the stupid, murdering Tupamaros, so knock yourself out.
6 yankeeboy (#) Dec 23rd, 2013 - 11:24 am Report abuse
Stevie, You use the term Latin America like it homogeneous. It is not, there are many more countries in “Latin America” that are aligned with and take direction from the USA/UK model then the Cuba/Venezuela model.
The nations aligned with The USA, Chile being the longest, have a bright future ahead of them, Alba/MeroSur are failed and failing nations. They only have misery in their future and it is people like you that have more ideology than brains that are keeping it stuck in the old claudillo ways.

I don't know how you can be so blind. I find it fascinating that you have had the opportunity to live and potentially thrive in a Nordic country yet you cling to models that promote corruption and poverty. It is frankly astounding you are so brainwashed you don't understand that.
You are one sad guy. Your parents ruined you.
7 ChrisR (#) Dec 23rd, 2013 - 02:44 pm Report abuse
@ 6 yankeeboy

Final sentence is spot on.

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