Purpose – This paper aims to analyse the impact of clusters on development and growth at the firm and regional level in Latin America (LA). The past 20 years have witnessed an acceleration of cluster initiatives, assuming their positive impact on firm performance and regional development. However, theoretical development and empirical meta-studies in emerging countries to validate this assumed relationship are scarce. Design/methodology/approach – This paper reviews empirical evidence from a population of 123 studies and a sample of 45 empirical studies including 216 clusters in LA. Findings – It concludes that clusters contribute to both development and growth at the firm- and regional-level contingent to factors such as cluster stage of development, collective efficiency, the pattern of governance of the value chain and the sector in which the firm operates; however, clusters are also a potential source of socio-economic divides. Originality/value – Therefore, these results qualify the conclusions of studies of clusters in developed countries (Porter, 2003; Delgado et al., 2010).Fil: Rocha, Hector. Universidad Austral. Instituto de Altos Estudios; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina