Abstract. There are substantial changes in the evolution of world economy and world economic relations. The growth rates of international trade have diminished two-fold, the prices for oil and other commodities have fallen, and the competition on world markets has sharpened greatly. These new trends complicate fundamentally external conditions for the economic development of peripheral regions, especially Latin America. Latin American countries have reached a phase of considerable economic deceleration. Under these circumstances, there is an urgent need for reconsideration of key conclusions made by some Russian experts on the possibilities of the future economic and social growth of Latin America. The author examines the most discussed aspects of the Latin American modern economic situation – the deepening technological gap and slow rates of technological progress, the limited role of internal economic motive forces, the conservation of foreign economic dependence. The future of Latin America’s economic development is uncertain in many respects and will depend greatly on foreign economic conditions. The new world balance opened important additional possibilities for Latin America on world markets. China has converted into the second largest economic partner of the region. But there is a number of complicated problems in their relations that need an urgent regulation. At the same time, the strategic task for Latin America consists in finding of effective ways for further broadening of economic relations with the United States in terms of equality and mutual benefit.