Socioeconomic picture of Western Hemisphere 10 years after global crisis - Evidence from selected economies

Abstract

The world economy of the 21st century is characterized by globalization, internationalization and regional economic integration processes. The new era of interconnectedness results in a growing number of international contacts and international business transactions with partners around the globe. Therefore, it is necessary to understand the specific features and characteristics of national economies not only in Europe but also in other continents, including the Western Hemisphere. The main aim of the paper is to identify and assess socioeconomic development of selected Western Hemisphere economies ten years after global financial and economic crisis 2008+. The comparative study embraced the following 12 economies: Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guatemala, Mexico, Peru, the United States and Venezuela. Moreover, the engagement of the Western Hemisphere economies in both international trade and international transfer of capital in the form of foreign direct investment was studied. Finally, changes in international competitiveness of the selected Western Hemisphere economies between 2008 and 2018 were identified.