The year 2024 has proven to be a turning point for the entire world, but especially for Latin America. As a diverse region, LATAM has seen significant economic, social, and political changes.

These are the five most noteworthy news stories for the region in 2024, according to Invezz.

Venezuela’s electoral chaos

Venezuela faced a critical juncture. The outcome of the July 28 elections, marred by technical issues and allegations of fraud, has intensified the country’s political and economic crisis. 

With growing public dissent and international scrutiny, the path forward remains uncertain. 

The CNE’s announcement of Maduro’s victory was met with scepticism from the international community. The official results declared Maduro the winner with 51.20% of the vote, while González received 44.2%. 

This outcome has been met with immediate backlash from various nations. 

US Secretary of State Antony Blinken expressed at the time serious concerns, questioning the legitimacy of the results and calling for transparent vote counting.

This political incident also had an impact on Venezuela’s economic prospects. Over the last quarter, the Bolivar has lost at least 36% of its value against the dollar, as political instability dominates people’s purchasing decisions.

Furthermore, newly elected President Donald Trump had threatened Venezuela with stopping to purchase its oil, claiming that the United States “produces more than enough”. Adding to the already difficult economic situation, since oil is the country’s primary source of revenue.

The future remains uncertain as the forthcoming swearing-in event (January 10th) approaches, and the true winner is still unknown. This puts the international community in a difficult political decision about Venezuela.

Trade and migration tensions between the US and Mexico

On November 4th, Mexican President Claudia Sheinbaum had a conversation with Donald Trump, the president-elect of the United States, about migration and security.

This talk followed Trump’s post-electoral threats to impose tariffs on Mexico.

He claimed he had convinced Sheinbaum to take quick action to reduce the flow of migrants heading to the US, insisting that Mexico would act promptly to stop people from trying to cross its southern border.

However, Sheinbaum offered a different perspective on their discussion, suggesting that such threats could lead to necessary trade tensions.

With uncertainty lingering about whether these tariffs will be put in place, Sheinbaum expressed her openness to dialogue but cautioned about the potential negative impact these tariffs could have on both countries’ economies.

She pointed out that tariffs might trigger retaliatory actions, posing risks to important industries in the US, especially the automotive sector, naming major companies like General Motors, Stellantis, and Ford.

The Mexican president showed a strong commitment to finding a resolution to these issues while maintaining the important trade ties between the U.S. and Mexico.

Brazil implemented a 15% minimum tax on the profits of MNCs

Brazil’s government took a significant step in 2024 towards fiscal reform by implementing a minimum 15% tax on the profits of multinational corporations, as detailed in an executive order published in the country’s official gazette late Thursday.

This initiative aimed to bolster revenue in light of the government’s ambitious goal of achieving a zero fiscal deficit while avoiding broad spending cuts that could jeopardize essential social programs.

By aligning with global efforts to combat tax evasion, Brazil seeks to stabilize its financial framework and ensure fair taxation for multinational entities.

The executive order specifies that this new tax will serve as an additional levy on Brazil’s existing social contribution tax on corporate income (CSLL).

This change ensures that all multinational corporations, regardless of their previous tax strategies, will now be subject to the minimum tax requirement.

Brazilian authorities emphasized that this shift represents a broader commitment to sound fiscal management and international cooperation.

While the increased tax burden may reduce profit margins, it also levels the playing field within the tax system, diminishing incentives for aggressive tax optimization strategies that could disrupt fair competition.

Companies will need to reassess their fiscal strategies to accommodate the new tax regime, potentially leading to modifications in investment strategies and operating models.

The Brazilian government has indicated that robust compliance measures will be crucial for the effective enforcement of the minimum tax while minimizing administrative burdens on businesses.

Colombia’s Congress rejects tax reform

Colombia’s Congress dealt a big blow to President Gustavo Petro’s administration this year by rejecting a critical tax reform to strengthen the country’s budget for the coming year.

The proposed reform, championed by Finance Minister Diego Guevara, was to secure an additional 9.8 trillion pesos (about $2.24 billion) for the national treasury.

This denial shows Petro’s administration’s financial troubles and the difficulties of negotiating amid a turbulent legislative scene.

This year, the government has already reduced its spending by 28.4 trillion pesos ($6.49 billion) due to low tax revenue.

These budget cuts highlight the seriousness of Colombia’s fiscal condition, forcing the government to look for new revenue streams through tax reform.

Despite the urgency, economic committees in Congress voted against the proposed reforms, highlighting a deepening divide between the executive and legislative branches.

El Salvador considers Bitcoin law changes to secure IMF loan

El Salvador, the pioneering country that introduced Bitcoin legal tender, recently proposed major changes to its Bitcoin legislation.

This perspective shift occurred as the government was seeking a pivotal agreement with the International Monetary Fund (IMF) for a $1.3 billion loan.

The revisions would allow El Salvador to address the IMF’s ongoing worries about the financial ramifications of its cryptocurrency effort, which was started in September 2021.

According to reports by Cointelegraph, El Salvador was negotiating a $1.3 billion loan deal with the IMF, with conversations ongoing since October.

Also, according to the Financial Times, if the agreement is ratified, it will need considerable changes to current Bitcoin laws.

One of the most significant changes would be the removal of the statutory obligation for businesses to accept Bitcoin as payment.

By implementing this approach, the Salvadoran government wanted to secure an additional $2 billion in funding from foreign financial organizations, particularly the World Bank and the Inter-American Development Bank.

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Britain’s economic trajectory shows signs of stagnation, according to new research from the Centre for Economics and Business Research (CEBR), which predicts that UK living standards will increasingly diverge from American levels over the next 15 years.

The analysis reveals that while British GDP per capita is expected to reach $86,141 (£68,800) by 2039, this figure will be closer to Guyana’s projected $78,695 than America’s $148,411, raising questions about Britain’s long-term economic competitiveness.

UK GDP per head growth is among the weakest

In the shorter term, the UK is set to maintain its current 22nd position globally for GDP per capita through 2029, moving up just one place by 2039.

The CEBR forecasts that Britain will experience among the weakest GDP per head growth rates in the G7 over the next five years.

CEBR economist Pushpin Singh warns these projections indicate Britain risks “falling behind in the global economic race.”

Singh notes that the UK’s economic performance increasingly resembles France rather than the United States, particularly in productivity and public spending.

UK welfare spending is still not as bad as France. But are we on the road there? I think so in terms of elevated welfare spending, tax receipts not being enough to make up for that welfare spending and other spending commitments such as the NHS and other civil service sector spending.

What is behind the UK’s underperformance?

The research points to several key factors behind Britain’s projected underperformance, including lagging productivity growth, especially within the civil service, and rising government debt as a share of GDP.

The findings also present potential challenges for Labour leader Sir Keir Starmer’s pledges to improve living standards.

A stark contrast emerges between the UK and the US in post-pandemic productivity performance.

While American productivity has been “off the charts” since COVID-19 according to Singh, Britain continues to struggle with productivity growth across multiple sectors.

The data suggests a growing divergence between Anglo-American economic models, with Britain’s trajectory more closely aligning with European welfare state approaches despite historically closer ties to American-style capitalism.

These projections raise significant questions about Britain’s future economic position and the policies needed to boost productivity and living standards to maintain competitiveness with other leading economies.

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As 2024 draws to a close, it is clear that the year has been marked by seismic shifts across politics, economics, technology, and geopolitics.

From groundbreaking advancements in artificial intelligence to unprecedented changes in the cryptocurrency landscape, this year has been one of transformative events.

Political realignments, economic challenges, and new global conflicts have reshaped the world order, setting the stage for a complex 2025.

Donald Trump returns to the White House

Donald Trump’s victory over Kamala Harris in the 2024 US presidential election marked a historic political comeback.

Despite controversies surrounding the January 6 Capitol riot, Trump capitalised on economic discontent and immigration concerns to secure a win.

His return to the presidency signalled a potential shift in US foreign and domestic policy, with Republicans holding the slimmest House majority in history.

The implications of Trump’s presidency for global geopolitics remain uncertain, but early indications suggest a focus on reshaping trade and international alliances.

Bitcoin reaches $100,000 milestone

Bitcoin achieved a major psychological benchmark in 2024, crossing $100,000.

This milestone bolstered its status as a legitimate financial asset, attracting institutional and governmental interest.

Companies like MicroStrategy saw their stock valuations soar, while nations previously sceptical of crypto, including Japan and Russia, began considering Bitcoin reserves.

Major corporations like Amazon also explored integrating Bitcoin into their operations, signalling the cryptocurrency’s growing acceptance.

However, concerns over volatility persisted, highlighting the need for regulatory clarity and stability.

Spot Bitcoin ETFs revolutionise crypto investment

The approval of 12 spot Bitcoin ETFs by the SEC in January 2024 marked a historic moment for cryptocurrency.

The funds, which allowed retail investors to access Bitcoin through regulated markets, saw unprecedented success.

Within two months, Bitcoin shattered its previous record, crossing $70,000 in March.

By Christmas 2024, US-based Bitcoin ETFs managed over $105 billion in assets, representing nearly 5.7% of Bitcoin’s total supply.

Their rapid growth even outpaced gold ETFs, underscoring crypto’s growing institutional acceptance.

The development also prompted other markets, including the UK, to introduce Bitcoin-based exchange-traded products.

Ethereum ETFs soon followed, with altcoins vying for similar approval.

Anti-incumbency wave reshapes global politics

Elections in 2024 toppled political incumbents across the world.

Countries such as India, Japan, and South Africa saw dominant parties lose seats, often resulting in fragile coalition governments.

In the United States and United Kingdom, dissatisfaction with economic conditions and immigration policies led to sweeping changes in leadership.

French President Emmanuel Macron’s gamble on snap parliamentary elections backfired, threatening his presidency.

Similarly, Germany’s ruling coalition collapsed after poor state election results.

This global trend highlighted voters’ frustrations with stagnating economies and increasing scepticism about democratic governance.

AI pushes the boundaries of innovation

Artificial intelligence (AI) continued its meteoric rise in 2024, blending science fiction with reality.

The year saw groundbreaking advancements in AI applications, ranging from healthcare innovations to manufacturing efficiencies.

Highlighting AI’s significance, the Nobel Committees awarded prizes in physics and chemistry to pioneers in machine learning and protein structure prediction.

Despite the excitement, the AI revolution exposed limitations—notably the shortage of skilled professionals and the immense resource demands of training AI models.

These constraints reinforced fears of an expanding gap between wealthy and poorer nations.

Meanwhile, global discussions on AI regulation gained momentum but remained inconclusive as the technology’s rapid evolution outpaced policy frameworks.

China exports spark fears of a second shock

China’s economic trajectory took a decisive turn in 2024, reviving memories of the “China shock” from the early 2000s.

Facing internal economic challenges and declining consumer demand, Beijing doubled down on exports, ramping up subsidies to domestic manufacturers.

The resulting surplus overwhelmed global markets, with low-cost Chinese solar panels and electric vehicles flooding international trade routes. While these products facilitated greener transitions, many nations worried about their impact on local industries.

The European Union implemented measures to curb the influx of Chinese goods, while Brazil, India, and the United States imposed new tariffs. Washington’s tariffs are set to rise further in 2025, heightening trade tensions. Whether this escalation leads to greater conflict or fosters negotiations remains an open question.

Solana meme coins dominate crypto narratives

2024 became synonymous with the explosive growth of Solana’s meme coin ecosystem.

Platforms like Pump.fun catalysed the craze, propelling Solana’s meme coins to capture 7.65% of crypto market discussions.

Meme coins like Dogwifhat (WIF) and BONK experienced meteoric rises, with BONK recording a staggering 38,000% growth over two years.

This frenzy elevated Solana to the second-largest blockchain by total value locked (TVL), exceeding $8.6 billion, while SOL reached a record $263 in November. The extreme volatility of these assets posed risks, with most traders facing losses amid speculative trading.

Russia advances in Ukraine as war grinds on

The third year of Russia’s invasion of Ukraine saw significant developments.

Russia adopted a “meat-grinder” strategy in eastern Ukraine, gaining territory at the cost of heavy casualties—over 115,000 soldiers killed and 500,000 wounded.

Ukraine’s losses, while lower, were still devastating, with 43,000 soldiers killed and 370,000 wounded.

Amidst these losses, Kyiv launched cross-border attacks into Russia’s Kursk region, forcing Moscow to deploy North Korean troops to defend its territory.

Meanwhile, Western nations reversed long-standing policies, supplying Kyiv with advanced weapons, including long-range missiles. As 2025 begins, the question looms whether either side can sustain the attritional warfare that has defined the conflict.

Escalation in the Middle East

Hamas’ October 2023 attack on Israel triggered a year of violence and instability in the Middle East.

By 2024’s end, the death toll exceeded 45,000, and Gaza’s humanitarian crisis deepened.

Israel’s retaliatory actions included targeted strikes on Hamas leaders and Iranian-backed groups.

The conflict extended into Syria and Lebanon, where Israel’s operations significantly weakened Hezbollah and Bashar al-Assad’s regime.

Iran’s involvement escalated tensions further, with missile and drone attacks on Israel leading to retaliatory strikes that crippled Iranian missile production.

These events left the region more volatile, raising questions about the prospects for peace or further disorder.

Gary Gensler’s resignation reshapes crypto regulation

The resignation of SEC Chair Gary Gensler in November 2024 marked a turning point for US crypto policy.

Known for his stringent regulatory stance, Gensler’s departure raised hopes for a more favourable environment under his successor, Paul Atkins, a proponent of digital assets.

Under Gensler, the SEC pursued enforcement actions against major exchanges like Binance and Coinbase, causing friction within the industry. His exit created optimism for a shift toward policies encouraging innovation and growth in the crypto space.

Governments across the world crumble

In Bangladesh, mass protests in early August 2024 led to the resignation of Prime Minister Sheikh Hasina after a 16-year rule. Student-led demonstrations over alleged authoritarian practices forced Hasina to flee to India.

Nobel laureate Professor Muhammad Yunus now heads an interim government tasked with steering the nation towards democracy. However, questions remain about whether Yunus can rebuild democratic institutions or if political instability will persist.

France’s government fell on 4 December after Prime Minister Michel Barnier lost a no-confidence vote, the first such collapse since 1962.

Germany’s coalition government disintegrated due to financial disputes, with Chancellor Olaf Scholz dismissing Finance Minister Christian Lindner in November.

In Syria, opposition forces overthrew Bashar al-Assad’s regime on 8 December, ending 50 years of autocratic rule. The rapid fall of Damascus marked a major turning point for the region.

South Korea saw political turmoil on 3 December when President Yoon Suk Yeol declared martial law, later repealed following mass protests and parliamentary opposition.

The situation left the government paralysed, exposing deep divisions within the ruling party. While the South Korean government still stands, it is on shaky ground.

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Dr Manmohan Singh, India’s 14th Prime Minister, passed away on Thursday, December 26, 2024, at the All India Institute of Medical Sciences (AIIMS) in Delhi. He was 92 years old.

A towering figure in India’s political and economic history, Singh’s life journey was one of remarkable intellect, dedication, and service.

Born on September 26, 1932, in Gah, a village in the Punjab province of undivided India (now in Pakistan), Singh rose from modest beginnings to leave an indelible mark on the world stage.

After completing his matriculation at Punjab University in 1948, he earned a bachelor’s degree in economics in 1952 and a master’s degree in 1954, both from Panjab University.

His academic brilliance won him a scholarship to the University of Cambridge, where he graduated with first-class honors in the Economic Tripos in 1957.

He later obtained a DPhil in economics from Nuffield College, Oxford, in 1962, with a dissertation critically examining India’s trade policies.

In this article, we detail how an atypical politician like Singh came to become one of India’s most consequential leaders.

Tributes pour in from around the world

From politicians to movie stars, people from around the world paid their respects to Singh.

Indian Prime Minister Narendra Modi expressed condolences, highlighting Singh’s journey from humble beginnings to becoming a respected economist, Finance Minister, and Prime Minister.

He praised Dr. Singh’s contributions to economic policy, his insightful parliamentary interventions, and his efforts to improve lives.

Former Maldivian President Abdulla Shahid and Former Afghan President Hamid Karzai also shared their condolences.

Gautam Adani, one of India’s richest men also paid his respects to the former prime minister.

Indian filmstars Kapil Sharma and Anupam Kher paid tributes to the leader. Kher played the role of Singh in a feature film on the former prime minister’s life.

Manmohan Singh: the advisor for all seasons

Manmohan Singh’s early years as an advisor in politics laid the foundation for his rise as one of India’s most consequential leaders.

His transition from academia to government in 1971 was prompted by his appointment as economic advisor to the commerce ministry.

This move marked the beginning of a remarkable career as a trusted technocrat.

Though his stint at the commerce ministry was brief, it was eventful—Singh even threatened to resign when his principles clashed with Commerce Minister LN Mishra.

Intervention by PN Haksar, then a key aide to Indira Gandhi, led to Singh’s promotion to chief economic advisor in the finance ministry.

From 1972 to 1980, Singh worked under four finance ministers—YB Chavan, C Subramaniam, HM Patel, and Charan Singh—through periods of economic and political turbulence.

As an economic advisor and later economic affairs secretary, he was pivotal in steering policies during Indira Gandhi’s shift toward socialism, including her controversial bank nationalization.

Singh’s integrity and intellect earned him bipartisan respect, helping him navigate politically charged periods like the Emergency and the Janata government’s tenure.

Despite being close to Indira Gandhi, he survived regime changes, thanks partly to his friendships with key leaders like HM Patel.

Singh stood firm against external pressures, opposing questionable decisions such as permitting the Bank of Credit and Commerce International (BCCI) to open a branch in India.

The beginning of the rise

In the politically fluid late 1980s, Singh briefly served as an economic advisor in the Prime Minister’s Office (PMO) during Chandra Shekhar’s tenure.

Despite offers from prestigious academic institutions, including the University of Delhi and Panjab University, Singh opted for public service.

However, as the Chandra Shekhar government neared its collapse, Singh transitioned to a safer role as Chairman of the University Grants Commission (UGC) in 1991.

The following months were marked by economic turmoil and political instability.

After the Congress emerged victorious in the 1991 general elections, PV Narasimha Rao became Prime Minister.

Few anticipated that Singh, a technocrat with no political base, would be entrusted with the crucial Finance Ministry portfolio.

Even Singh himself did not initially take the offer seriously, assuming it was an oversight.

He famously called himself the accidental finance minister.

The architect behind India’s economic reforms

Singh’s tenure as Finance Minister coincided with one of the most challenging periods in India’s economic history.

Amidst a balance of payments crisis, he introduced sweeping reforms that dismantled the Licence Raj and opened India’s economy to global markets.

Key measures included devaluing the Indian currency, liberalizing trade, and reducing industrial licensing restrictions.

Singh also reformed taxation, cutting personal income tax rates, slashing corporate tax, and reducing customs duties.

His innovative policies included introducing a presumptive tax for small businesses and laying the foundation for a service tax regime.

On fiscal discipline, he abolished ad hoc treasury bills, ensuring the government could no longer monetize deficits through RBI funding.

Despite these successes, his tenure was not without challenges. The 1992 securities scam briefly marred his reputation, prompting him to offer his resignation—a recurring theme in his career when faced with political pressure or setbacks.

Each time, Prime Minister Rao convinced him to stay, recognizing the importance of Singh’s leadership during turbulent times.

Singh’s tenure as Finance Minister was pivotal in shaping India’s economic trajectory.

Over five transformative years, he implemented liberalization reforms that stabilized the economy and laid the groundwork for sustained growth.

These measures cemented his legacy as a visionary leader in India’s modern economic and political history.

Manmohan Singh: India’s 14th prime minister

In May 2004, the Congress party’s victory in the general elections set the stage for a historic decision.

While Congress president Sonia Gandhi was widely expected to assume the role of prime minister, she chose to nominate Manmohan Singh to lead the Congress-led United Progressive Alliance (UPA) government.

Singh became India’s 14th prime minister, a position he held for a decade, becoming the first leader since Jawaharlal Nehru to serve two consecutive full terms.

Singh’s tenure as prime minister was closely scrutinized, particularly due to the unique power-sharing arrangement within the UPA, with Sonia Gandhi leading the coalition and Singh heading the government.

This dual structure often raised questions about decision-making authority, though Singh himself maintained that governance required a singular power center.

Initially, Singh expressed interest in retaining the finance ministry—a portfolio he had managed with unmatched success during India’s economic crisis. However, he ultimately appointed P. Chidambaram to the role, focusing his efforts on broader governance.

Singh’s prime ministership was marked by the rollout of rights-based policies, including the Right to Information (RTI), the Right to Education (RTE), and the National Rural Employment Guarantee Act (NREGA).

These initiatives underscored his commitment to social empowerment and inclusive development.

Economic growth during his first term benefited from the reforms of the past two decades, but the global financial crisis in 2008 presented a significant challenge.

Singh responded decisively, unveiling stimulus packages to revive the economy and approving a substantial ₹60,000 crore loan waiver for farmers. While this move drew criticism from economists, it reflected his emphasis on addressing rural distress.

A highlight of Singh’s first term was the Indo-US Civil Nuclear Agreement, a landmark deal that ended India’s nuclear isolation and redefined its strategic partnership with the United States.

Despite fierce political opposition, Singh’s steadfast commitment ensured the agreement’s success, cementing his reputation as a leader capable of taking bold political risks.

Singh’s second term was marked by economic challenges and political controversies.

The retrospective tax on foreign company transactions, known as the Vodafone tax, drew criticism from the industry and international investors.

Meanwhile, allegations of corruption, particularly in telecom spectrum and coal block allocations, marred the UPA government’s reputation.

Though Singh himself was not implicated, these controversies fueled accusations of policy paralysis and weakened public confidence.

Despite these setbacks, Singh’s tenure concluded with significant achievements alongside the challenges.

Manmohan Singh’s legacy

Manmohan Singh’s legacy stands as a testament to his intellect, integrity, and vision, defining him as one of India’s most transformative leaders.

As an economist, he steered the country out of its worst financial crisis, laying the foundation for liberalization that propelled decades of growth.

As a reformer, his policies reshaped India’s economic landscape, balancing bold initiatives with an acute understanding of political realities.

As a leader, he upheld the values of pragmatism and humility, navigating challenges with quiet resolve and a steadfast commitment to the nation’s progress.

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Holiday retail sales in the United States in 2024 outpaced forecasts, with consumers flocking to last-minute online deals and convenient shopping options like curbside pickup and free delivery.

Despite inflationary pressures, total spending during the season from November 1 to December 24 grew by 3.8% over the previous year, surpassing the anticipated 3.2% increase.

US holiday retail sales 2024: online sales lead the way

According to Mastercard SpendingPulse, online sales surged 6.7% compared to 2023, significantly outpacing the 2.9% growth in in-store purchases.

Services like “buy online, pick up in-store” (BOPIS) and fast, free delivery played a critical role in driving e-commerce activity.

Salesforce data revealed that BOPIS orders doubled during the weekend before Christmas, making up nearly 40% of all online transactions.

Retailers like Walmart and Target capitalized on this trend, enhancing their digital platforms and advertising on TikTok and streaming services to engage tech-savvy shoppers.

Disciplined promotions, targeted strategies

Unlike previous years marked by deep discounts, retailers maintained a disciplined approach to promotions.

Companies like Walmart, Target, and Dollar General strategically reduced prices and increased advertising to remain competitive.

Target and Dollar Tree shares reflected these efforts, gaining nearly 3% during the peak shopping period.

Bernstein analysts noted that shoppers remained selective, focusing on needs-based purchases.

To entice cautious consumers, Walmart emphasized its rollback pricing, while Target intensified its promotional campaigns.

These strategies paid off, as the last five days of the holiday season accounted for 10% of all spending, highlighting a late surge in consumer activity.

US holiday retail sales 2024: popular categories

Laptops, TVs featuring new technology, and athleisure apparel were among the top-performing categories.

Jewelry and electronics also saw significant growth, with sales rising 4% and 3.7%, respectively, over 2023 levels, according to Mastercard.

Online sales of apparel grew 6.7%, far outpacing the 0.2% growth in physical stores.

Steve Sadove, senior adviser to Mastercard and former Saks CEO, told Reuters that consumer spending remained robust despite inflationary challenges.

“Promotions were controlled. Nothing was extra deep, and there were no panicked promotions. What we saw was real consumer strength,” Sadove was quoted as saying.

He credited low unemployment rates and higher wages for buffering personal finances during the holiday season.

With only 27 days between Thanksgiving and Christmas, five fewer than last year, retailers faced a condensed shopping season.

Many adjusted their strategies to attract shoppers, including increasing ad spend and emphasizing membership perks like quick delivery options.

Retail giants also leveraged lab-grown diamonds and innovative technology in products to appeal to value-driven consumers.

FedEx reported stronger-than-expected holiday delivery volumes, further reflecting the robust demand for online shopping.

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