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Latin America will pull off a moderate comeback in 2003 after two discouraging years of economic decline. The most important driver of economic growth will be the steady increase in prices in commodities ranging from coffee to oil. Notwithstanding only moderate expansion in the US, weak growth in Europe and negligible advancements in Japan, the price of commodities continues to rise, largely as the result of rapid growth in China, India and South East Asia. The prospect of war in the Middle East and the political showdown in Caracas are keeping oil prices above $30. As a global supplier of energy, food and precious metal commodities, Latin America stands to gain from increases in global prices.