MEXICO CITY — Mexicans looked on with envy in recent years as Brazilians won a reputation as Latin America’s chosen people. With a surging economy and a prominent place on the world stage, Brazil was the country poised for greatness while Mexico remained mired in bloodshed and destitution.

But just as momentum can change suddenly in a match at the World Cup or an event at the Olympics — both competitions that Brazil will host in the next four years — so can the dynamics between nations.

Last year, Mexico’s economy grew faster than Brazil’s, and it looks set to outpace its larger Latin rival again in 2012.

Brazil’s slowdown can be attributed partly to debt-burdened consumers and the erosion of industrial production, which is tied to the recent strength of Brazil’s currency, the real. On top of that, slowing global growth, particularly in China, has pushed down prices of the commodities that Brazil exports.