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Why Miami’s global impact should grow — not wane — as foreign currencies decline

Javier F. Aviñó

During the height of the Great Recession, naysayers predicted that it would take about 20 years to absorb the glut of new construction in South Florida. For at least that long, they predicted, South Florida would wallow in economic misery, its nascent popularity as a premier global destination fading into oblivion.

But South Florida proved to be much more resilient than predicted. With several Latin American economies (namely Brazil’s) booming, and Chinese investors looking for investment alternatives to traditional U.S. markets, South Florida’s depressed real estate market was a foreign investor’s dream.

Now, once again, the naysayers are predicating the imminent demise of South Florida’s economy as a result of Chinese investors reeling from their home stock market’s recent crash and several Latin American economies flailing. In actuality, South Florida is in the midst of a perfect storm, which will further fuel its rise as a global epicenter.

Click here to read the full article published by the Miami Herald.

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