The Latino population in the US, the fifth largest economy in the world

The Latino population in the US, the fifth largest economy in the world
The Latino population in the US, the fifth largest economy in the world

The Latino population in the United States is the fifth largest economy in the world, since it is generating a wealth of more than 2.8 trillion dollars (tdd), and if were an independent country, its contribution would be placed as the fifth economy worldwide.

According to research conducted by staff at Lutheran University and the University of California, Los Angeles, the first four economies in the world are those of the United States, China, Japan and Germany.

The report highlights the importance of the work carried out by Latinos and its economic importance for the North American territory and for the economy of the entire world.

The Latin American economy in the United States is larger than that of countries such as the United Kingdom, India or France. In addition, the Latin American population, generated from the migratory phenomena of recent years, represents almost a fifth of the population in the neighboring country to the north.

Currently, the largest component of the Gross Domestic Product (GDP) in the United States is consumer spending, which represents about 67% of the country’s economic activity. A large part of the Latin American population is directly linked to the commercial sector.

The consumption of US Latinos reaches 1.84 billion dollars per year, 66% of Latino GDP. In general, this population represents a larger consumer market than the entire economy of countries such as Canada or South Korea.

The wealth generated by Latin Americans grew exponentially between 2010 and 2020. The GDP generated by them was the third fastest growing in the world after a rate of 2.6 timessays the report taken up by Jaime Zambrano, in a Milenio column.

He added that the reason Latinos are generating an economic boost for the United States is that they have a broad resilience after the onslaught of the Covid-19 pandemic, self-sufficiency, optimism and dedication to work to obtain resources for their families.

The article is in Spanish

Tags: Latino population largest economy world

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