The global economic malaise may finally be about to hit Latin America’s booming economies as the motor of their growth, Chinese demand, starts to rev down.

From Mexico to Argentina, most nations in the region have been growing admirably, even as the euro zone teeters on the brink of disaster and the US economy appears stuck in second gear.

In the first quarter of this year, Peru’s GDP grew at an annualized rate of 6 percent, Argentina’s at 5.2 percent, Chile’s at 5.6 percent, Colombia’s at 4.7 percent, and Mexico’s at 4.6 percent, according to investment consultancy Trading Economics.