"Brazil's government finances are in pretty good shape too," Maya Bhandari, international economist at Lombard Street Research, added.
Indeed Brazil appears to be all experts' favorite, with Bhandari seeing the country being "one of the first economies to recover from this crisis." As a result, Bhandari is a fan of the nation's currency, the Brazilian real, saying it is a carry-trade currency and comes with a positive macro-economic backdrop.
"Currencies like the real tend to do well at the current stage of the upward gap cycle," she said.
"The story with Brazil is it combines commendable structural strength, including a domestic-demand driven economy, and a low current-account deficit, with the fact that it entered this crisis with positive cyclical momentum," she said.
In Brazil and Columbia, "we should expect to see a shallow, very manageable recession, with a fairly nice rebound coming out of it. These are strong decoupling candidates, and also their debt levels are very reasonable, so you have a number of structural factors which are very supportive," Stefan Hofer, emerging markets strategist at Julius Baer said.
"Brazil has weathered the global financial storm relatively well compared to most countries and also the cyclical slowdown that has taken place there is likely to be brief and fairly shallow as recessions go," Hofer said. "The economic outlook certainly justifies the investor's enthusiasm for the market."
The country's recent big oil find and it being a net exporter of food products makes it attractive, experts told CNBC.
"We do like the region. Brazil has some of the best macro-economic outlooks and strategically it's placed beautifully in terms of supplying hard materials or hard commodities to China, India," Shanat Patel, global markets strategist at Liberum Capital said.
Not does Brazil use hydroelectric power for more than 80 percent of its energy needs; the country is also the world's largest ethanol exporter. And now from the government's initiatives, through the development of its state-owned company Petrobras, Brazil is now a net exporter of oil as well.
"In one step they are in the front league of new countries that are bringing up new oil every year," Johannes Benigni, managing director at JBC Energy, said.
"Brazil is now in the situation where its leading trade partner, leading customer for Brazilian exports, is China," Jeff Dayton-Johnson, head of the Americas desk at the OECD, told CNBC.
Patel told CNBC he likes Brazilian companies like Petrobras, Aracruz, Brazil Foods, CVRD and Gerdau.
According to Hofer, Brazilian stocks are up about 40 percent year-to-date. "The performance has been very good," he said.
Other strong countries within Latin America are Columbia, Peru and Chile.
"Chile has come pretty well through the economic crisis despite clearly being affected by the commodities downturn," Newton said.
Mexico Hit by the US Consumer Slump
On the other hand of the LatAm story is Mexico, which has been slammed by the drop in U.S. demand. Mexico's economy has taken strain as manufactured goods demand from the U.S. dried up in the downturn.