The war effort significantly accelerated industrial development in Latin American countries. The demand for military goods and raw materials from the Allies, especially from the United States, stimulated industrialisation. In Brazil, the need for steel to support the war effort led to the establishment of the Companhia Siderúrgica Nacional, which marked a major step in Brazil's path towards industrialisation. Similarly, in Mexico, wartime demand contributed to the expansion of the manufacturing sector and infrastructure development. The industrial capacities built to meet wartime needs often served as a platform for post-war industrial expansion, leading to economic growth and diversification in several Latin American countries.

During WWII, Latin American nations found themselves integral to the global economic system as suppliers of raw materials essential for the war effort. Countries like Brazil and Mexico became major exporters of strategic resources, such as rubber, oil, and agricultural products. This surge in demand led to economic booms in these nations. Furthermore, through programs like the Bracero Program, Mexico supplied much-needed labour to the United States, bolstering the US economy and establishing a pattern of economic interdependence. Latin America's role was thus not just passive providers of materials but as active agents shaping wartime economies and laying the groundwork for post-war economic relationships.

Vargas astutely used Brazil’s vast natural resources as a bargaining chip in geopolitical negotiations, particularly with the United States. Brazil was rich in rubber, a crucial commodity for the war effort, and Vargas leveraged this by negotiating agreements that would bolster Brazil's infrastructure and industrial capacities in exchange for resources. The Washington Accords, for example, resulted in the US establishing air bases in Brazil and provided for military aid, which included the construction of the Volta Redonda steel mill - a critical development for Brazil's industrialisation. These resources helped secure Brazil a more prominent position on the world stage and led to its increased influence in South American politics.

Latin American support for the Allies during WWII had significant consequences for post-war trade relationships. The alliances formed and the economic integration during the war laid the foundation for deeper economic ties, especially between Latin American countries and the United States. Post-war, this often meant preferential trade agreements and continued economic support. For example, Brazil's relationship with the US strengthened, resulting in increased American investment and trade opportunities. However, this also meant that Latin American economies became increasingly tied to the economic fluctuations of their northern neighbours, leading to periods of economic dependency that shaped their trade policies and economic strategies for decades.

The Second World War had a profound impact on political structures within Latin American countries, acting as a catalyst for change in many regions. For instance, Brazil under Vargas and Mexico under Ávila Camacho experienced shifts towards more centralised and controlled governance during the war. The external pressures and demands of wartime economies often led to increased state intervention in the economy and industry. In the post-war period, these changes frequently set the stage for more democratic reforms, as the political landscape had been significantly altered due to the war. Moreover, wartime diplomacy and collaboration had helped to foster a sense of national unity and identity which influenced political discourse and structures.