☀ Domingo Brief — AI Adoption in Latin America

Each Sunday, take two minutes to catch key stories and opportunities shaping Latin America.

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Welcome back to the Domingo Brief! This week, we’re keeping up with the results of the DR’s election, Brazilian unemployment figures, and more.

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Trivia of the Week

Slightly over half (53%) of you were correct in saying that the late Sebastián Piñera, who died earlier this year in a helicopter accident, was a billionaire before taking office. Piñera built his $2.7B net worth through stakes in television channels and airlines, among other companies. He was President of Chile from 2010 to 2014 and again from 2018 to 2022. A figure known for dialogue and consensus, at the time of his death in February, political figures from across Latin America (and the ideological spectrum) paid their respects.

Each week, tune back in for the answer to the previous week’s trivia question. No cheating!

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🇧🇷 Brazilian unemployment has reached 7.9%, well below the 8.8% rate reported a year ago and around half the 14.9% rate seen throughout 2020 and 2021. The formal job market added over 719K jobs between January and March, as the summer season and high tourism contributed to more people looking for work.

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🇩🇴 President Luis Abinader has won reelection with over 57% of the vote in the first round of the Dominican Republic’s presidential election. With over 2.5M votes, Abinader has secured a comfortable second-term mandate, bolstered also by his sweeping supermajorities in both chambers of congress.

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🇨🇴 Colombia’s congress has approved a new bilateral agreement with Venezuela designed to promote two-way direct investments. This comes following the reestablishment of diplomatic relations in 2022 and the reopening of several border closures in order to promote trade.

Latinometrics: Colombia invested $55.6M in Venezuela between 2003 and 2014, while Venezuelans invested $589.5M in Colombia over the same time period.

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🇲🇽 Mexico recorded an 11.4% growth in export earnings in the month of April. The country’s expansion has been powered by substantial growth in the auto sector exports, as foreign car firms open local operations to grow their output to the US.

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🌎 Latin American companies have grown their use of AI by 67% over the last two years, per the newest edition of the IBM Global AI Adoption Index. Per this report on 2023 figures, 38% of organizations aim to invest in workforce training and development in the coming year.

Latinometrics: Just over a third (37%) of companies in Latin America are actively implementing generative AI. Meanwhile, AI continues to grow in relevance for regional firms, with 39% of surveyed firms using AI for digital workforce and 35% using it for marketing and sales.