Not too long ago, most investors looking to put money into Latin America had a relatively simple choice: Brazil or Mexico, or maybe Chile.

But not anymore.

A new group of countries in the region is emerging as a viable alternative. Characterized by youthful populations, growing middle classes, relatively low debt and dynamic economic expansion, these countries are poised to grab a bigger share of the region’s growth and attract more money from international investors.

Standing out in this group of Latin America’s “New Tigers,” Colombia and Peru are growing at a fast clip and are expected to continue doing so. Their currencies are solid and stable, they have a grip on inflation, their credit ratings are stronger or steadier than most, and their governments have shown themselves willing to step up to the plate when things begin to come apart. Read full story about Peru and Colombia consumers drawing investor interest.

“So far we have been doing well — unexpectedly well,” said Juan Jose Echavarria, a governor of Colombia’s central bank.

Both countries have booming economies. Last year, Colombia grew 5.9% and Peru grew 6.9%. In 2012, Colombia’s real gross domestic product is forecast to grow 4.7% and Peru’s by 5.5%, according to