ANALYSIS OF THE FOREIGN ECONOMIC POTENTIAL OF LATIN AMERICAN COUNTRIES
Authors:   Financial University under the Government of the Russian Federation, Moscow, Russia, Loseva A. V. , Osipov V. S. ,   Lomonosov Moscow State University, Moscow, Russia
Published: May 2023

The article analyzes the foreign economic potential of Latin American countries in the context of its development in the last decade, characterized by significant global crises and geopolitical upheavals. Considering that Latin American countries are active participants in international relations, including with the Russian Federation, and also play a significant role in the international division of labor, we have set the goal of the study – to quantify the changes and the state of the main economic indicators that reflect both foreign economic and domestic processes in the leading countries of the region under consideration, which determine their foreign economic potential. To achieve this goal, traditional methods of scientific knowledge, analysis and synthesis, as well as methods of analytical tools for working with statistical data were used: tabular, graphical, coefficient method, analytical indicators of time series. Based on the results of the study, a number of patterns of recent years have been identified. In particular, the region under consideration experienced the colossal destructive impact of the COVID-19 pandemic crisis, however, under these conditions, it generally retained its position in the share of world GDP, which is demonstrated by the analyzed international statistics. According to the results of the analysis, it was noted that the realization of the potential of Latin American countries and the development of their economies is ensured through significant structural changes with priorities for such sectors as the agro-industrial complex and high technology, which largely provides prospects for further development of foreign economic activity and strengthening its position in world markets. The data of international statistics demonstrate the effectiveness of the efforts of the leadership of these states to reduce dependence on the export of the oil and gas industry and develop other types of economic activity. A special place in the economies of countries and their potential as a global supplier is occupied by the modernizing agro-industrial complex, and the tourism services sector plays a significant role. The development of enterprises in the field of information and communication services and digital technologies is assessed by experts as the potential for new positive qualitative changes both for the domestic economy and for international cooperation. However, despite the potential, the economies of Latin America are also subject to systemic problems, which are also clearly reflected in the statistics. The main ones are: corruption, which prevents the formation of a favorable market environment; the complexity of organizing business activities; negative investment flows reflecting capital flight; low standard of living of the population as a whole. As a conclusion, conclusions are drawn about the main systemic problems that prevent the countries of Latin America from realizing their socio-economic potential, as well as about the possibilities of foreign economic cooperation between the Russian Federation and them.