The big picture.(economic aspects of Chile, Colombia, Brazil)

CHILE

The peso has posted strong gains against the dollar, leading to some doubts about export competitiveness. Foreign demand for Chilean copper, already at record high prices, is expected to grow. The country also stands to profit from free-trade deals with the European Union and the United States, its largest export market.

COLOMBIA

With record-low inflation and growth of more than 3%, economic performance beat expectations in 2003. President Uribe's standing took a blow in October when a government-backed referendum on fiscal reform, considered a measure of public confidence in the president, failed. Worries about peace talks with FARC rebels persist.

Brazil

After an almost no-growth year, economic output should pick up in 2004. President da Silva's commitment to fiscal austerity, including his government's reform of public employee pensions, has been popular with investors. Forecasters predict inflation to drop to around 6%, close to the Brazilian Central Bank's target of 5.5%.

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