According to a recent study by the University of California Los Angeles (UCLA), the Latino population in the United States will reach $3.2 trillion in gross domestic product (GDP) by 2021. That means that if Latin America were an independent country, the United Kingdom would be the fifth largest economy in the world, surpassing countries such as France, Italy and Canada.
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This impressive economic achievement is second only to the world economies USA, China, Japan and Germany. A UCLA report found that despite the economic challenges posed by the Covid-19 pandemic, Latinos in the United States have shown remarkable resilience.
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According to UCLA findings, The GDP of the Latino population grew by 7.1% in 2021, adjusted for inflation, thereby reaching the $3 trillion mark for the first time. David Hayes-Bautista, director of the Center for Latino Health and Cultural Studies at UCLA and a co-author of the study, commented that these data highlight the importance of Latinos in the U.S. economy as a vital source of resilience and hope. .
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Although Latin Americans represent only one-fifth of the population, they accounted for 39% of the country’s real GDP growth in 2020 and 2021, showing their significant impact on the national economy.
Compared to the world’s 10 largest economies, Latin GDP experienced the second-fastest growth from 2020 to 2021, trailing only China.
HoweverHayes-Bautista points out that the economic contributions of Latinos are not always recognized by stigmatizing narratives. He explained that it is imperative that Latinos reject these negative narratives and value their contribution to American society.
Nearly two decades ago, Hayes-Bautista began using government data to calculate a robust statistic of the economic activity of Latinos in the United States, similar to the one used to measure the nation’s economy. Since then, there have been annual Latino GDP reports produced by academics at UCLA and the Center for Economic Research and Forecasting at California Lutheran University.
The report also analyzes the economic performance of Latinos in the 50 states of the United States. 76% of the nation’s Latino population (47 million people) resides in ten states, where their contribution to maintaining the population and workforce is significant.
States with the largest growth in Latino population New Hampshire, Maine, Montana, Vermont, Tennessee and Idaho in 2015 and 2021. Hayes-Bautista emphasizes that the contributions of Latinos translate into economic and demographic growth across the country.
Major economic activities of Latinos in the United States include finance, construction, and insurance, and their presence has expanded into various areas of the national economy.
Education programs continued to grow in the GDP of Hispanics in the United States over the following decades due to their greater participation in the labor force and their advancements in education. He also believes that Latinos will be the basis of the country’s population growth and emphasizes the importance of investing in this population rather than deporting them.
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*This content was generated with the help of artificial intelligence based on information from EFE, and was reviewed by the journalist and editor.
