This week, the World Economic Forum got together in Davos, Switzerland to discuss economic, environmental and other issues around the world. Latin America could face some tough times in the near future as the area has been partially dependent on foreign savings. According to notes from the World Economic Forum, soon less savings will be available.

The World Economic Forum noted that Chile, Peru and Colombia are in better shape than other countries in South America. The World Economic Forum attributes this to recent reforms, openness to trade and good institutional environments.

Mexico might fare a little better thanks to the economic recovery in the U.S. They are expected to grow by 3.2 percent this year.

Meanwhile, Argentina will need to change some of their economic policies to ward off inflation and increase their growth rates.

Venezuela, on the other hand, is expected to take the biggest hit in Latin America from the drop in oil prices. For every $10 drop in the price of oil, Venezuela's trade balance reduces by 3.5 percent of GDP.

Internet will "disappear" into the background:

During the World Economic Forum, Eric Schmidt, Google's executive chairman, said the Internet is going to be everywhere. It will be so apparent it will "disappear" into the background, Science Times reported.

"There will be so many sensors, so many devices, that you won't even sense it, it will be all around you" Schmidt said. "It will be part of your presence all the time. Imagine you walk into a room. ... You are interacting with all the things going on in that room."

Schmidt also said that technology must be embraced as it creates job

"If there were a single digital market in Europe, 400 million new and important new jobs would be created in Europe," he said.

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