The economic potential of the Latino community in the U.S. already exceeds that of countries such as the United Kingdom, India and France
If Latinos living in the United States (US) had their own country, it would be the world’s fifth largest economic power in terms of gross domestic product (GDP) and the third fastest growing among the largest economies on the planet, according to a study released by two Californian universities.
According to the report, the accumulated wealth of this community in the North American country during 2020 was $2.8 billion. This means that the economic activity of Latinos, who are almost 19% of the total US population, exceeds that of the United Kingdom, India or France.
“While impressive in volume, the GDP of U.S. Latinos is even more remarkable for its rapid growth,” asserts the report by Dan Hamilton and Matthew Fienup, of California Lutheran University; and David Hayes Bautista and Paul Hsu, of the University of California, Los Angeles.
They detail that between 2010 and 2020, U.S. Latino GDP was the third fastest growing among the ten largest in the world. In that period, the increase in Hispanic economic activity was 2.6 times faster than that of the non-Latino population.
Optimism and resilience
The study authors attributed the economic vigor of the Latino population to virtues such as resilience in the wake of pandemic onslaughts, “hard work” ethic, self-reliance and optimism. “Another traditional pattern found by researchers over the years is that, among all groups studied, Latinos tend to be the most optimistic about the future,” the study said.
Latino contribution in 2020 accounted for 16.6% of the nation’s total activity in finance, insurance and real estate; 13% in professional services; 13.3% in government services; and 8.4% in education, health care and social assistance, according to the study.
Source: Expansión Newspaper.
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