Here is a post from the Latin Business Chronicle where commodities prices that have long dictated growth in Latin America are not longer the only factor for 2012 and the future.

As commodity prices no longer dictate growth, Chile, Peru and Colombia should prosper

In recent years, commodities prices have dictated growth in Latin America, meaning that countries — such as Venezuela — could trample on businesses but still grow briskly as long as they exported plenty of raw materials. Now, it looks as if the trend is shifting. The countries expected to grow the fastest in 2012 are also generally the ones perceived by the World Bank and others as treating investors the best. That means Chile, Peru and Colombia should lead the pack, according to a Reuters analysis.