The contribution of Latinos in the US would be that of the fifth largest economy in the world

First modification: 09/23/2022 – 04:48

The researchers revealed that the GDP that Latinos contributed to the US economy in 2020 was 2.8 trillion dollars. If it were an independent country, its contributions would be worth the fifth GDP in the world, along with economies such as the United States, Japan or Germany.

Latinos in the United States, who are almost 19% of the population, contribute more than economies like India, France or the United Kingdom. “While impressive in volume, the GDP of American Latinos is even more remarkable in its rapid growth,” added 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 the GDP of Latinos in the US was the third fastest growing among the ten largest in the world. During that time, Hispanics grew in economic activity at a rate 2.6 times higher than that of the non-Latino population.

The authors attributed the economic vigor of the Latino population to virtues such as resilience in the aftermath of the pandemic, a “hard work” ethic, self-sufficiency, 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 report noted.

“In that year, the consumption of US Latinos reached 1.84 billion dollars or 66% of Latino GDP,” the report stressed. “Latinos in the US represent a larger consumer market than the entire economy of countries like Canada or South Korea.”

The study shows that in 2020 the Latino contribution was equivalent to 16.6% of the country’s total activity in finance, insurance and real estate; 13% from professional services; 13.3% in government services and 8.4% in education, health care and social assistance.

with EFE