R E C O G N I S I N G G L O B A L E X C E L L E N C E

Introduction
North America
North America is home to the more than 528 million people (8% of the world population) across its 23
sovereign states and 15 dependent territories. It is marked by an extreme diversity between the predominantly
English speaking countries of Canada and the United States, which are among the wealthiest and
most developed nations in the world, and the countries of Central America and the Caribbean that are
still undergoing major developments in various sectors.
The North American economy is well defined and structured in three main economic areas. These areas are the North
American Free Trade Agreement (NAFTA), Caribbean Community and Common Market (CARICOM), and the Central
American Common Market (CACM). Of these trade blocs, the United States takes part in two. In addition to the
larger trade blocs, there is the Canada-Costa Rica Free Trade Agreement among numerous other free trade relations;
often between the larger more developed countries, and Central American and Caribbean countries.
Canada, Mexico and the United States have significant and multifaceted economic systems, and are at the forefront of the
global economy. The United States is the world’s largest national economy; Canada is expected to lead the G7 nations in
economic growth for another year as a result of its sound banking system, its abundance of resources, and its lower levels
of government debt, and Mexico currently chair the G-20 who collectively account for more than 80% of the GNP, 80%
of world trade (including EU intra-trade) and two-thirds of the world population. Though expatriates complain about
bureaucracy, the World Bank ranks Mexico as the easiest place in Latin America to do business and the 35th easiest in the
world, ahead of Italy and Spain.
The outlook for 2012 is positive, with more benign macroeconomic environment, increasing competition within the
banking sector and tighter government regulation. Mexico’s economy is expected to grow at least 4.5% this year and may
even surpass 5% thanks to the spending boom caused by the country’s presidential election campaign, while countries
such as Belize and Bahamas continue to go from strength-to-strength.