Mobile penetration in Latin America and the Caribbean is well above the world average. About 15 countries in the Caribbean and three in South America have passed the 100% penetration threshold, including Jamaica, Argentina, Uruguay, and Venezuela. Broadband penetration, on the other hand, is behind the global average. Low teledensity, high prices, and insufficient competition have been blamed for poor broadband performance. Latin America’s broadband market, however, is one of the fastest growing in the world and a promising investment target. In 2009, telecom revenues should continue to grow in most Latin American countries, driven by mobile telephony and broadband, but growth rates will be quite small compared with previous years. Accompanied by market statistics, this report gives an overview of major developments in the Latin American telecoms market in 2008 and early 2009.