Richest Countries In South America

The economy of the South American continent represents the economy of the 12 nations and 3 territories of the continent which are home to a total population of approximately 410 million. Initially, after gaining independence, most South American nations used the import substitution economic policy. The criterion was implemented from the 1930s to the 1980s. It was implemented with the aim of growing national companies that were not competitive at the time and on par with international industries. However, the policy has led to a debt crisis on the continent and countries have fallen further behind Western countries in economic development.

The real growth of South American economies began in the 1990s when countries adopted the free market economic system which helped countries overcome the debt crisis. Currently, agriculture, mining and forestry are the main South American industries.

5. Colombia – $ 13,579

Colombia, located in the northwest of the continent, is the fifth richest country in South America in terms of GDP per capita (PPP). The country occupies an area of ​​approximately 1,141,748 square km and has a population of approximately 48 million.

Colombia’s main export element which makes up 45% of all the country’s exports is oil. The next big sector is the manufacturing industry. The country also has the fastest growing information technology sector in the world and the largest shipbuilding industry outside of Asia. The country is experiencing a period of economic boom with a rapid increase in GDP and a decrease in poverty levels.

4. Brazil – $ 15,164

Brazil, the largest country in South America by size and population, is also the fourth richest country on the continent in terms of GDP (PPP). Brazil has a long coastline along the Atlantic Ocean and is bound by most South American countries, with the exception of Chile and Ecuador.

The economy of Brazil can be described as an inward-oriented economy. The country’s economy suffered a major setback in 2013 and went into recession the following year. It is currently recovering from the recession, although the country has more or less re-emerged. The service sector contributes 67.0% of the GDP and the industrial sector account for 27.5%. Agriculture accounts for only 5.5% of the country’s GDP.

3. Argentina – $ 19,486

Spanning an area of ​​2,780,400 square km, Argentina is the 8th largest country in the world. It is the third richest country in South America in terms of per capita GDP. The country is located in the southern part of the continent, where it borders Chile, Brazil, Bolivia, Paraguay and Uruguay. It has a vast coastline along the Atlantic Ocean to the east. Argentina has a population of approximately 43 million people.

Argentina’s economy is based on the country’s rich natural resources, export-oriented agriculture, an educated population, and a diverse industrial sector. The country’s economic performance has gone through several ups and downs over the past few decades. It is currently classified as an intermediate emerging economy.

2. Uruguay – $ 22,445

Uruguay is the second richest South American nation in terms of per capita GDP. The country is located in the southeastern region of South America, where it occupies an area of ​​approximately 176,000 square km. The country’s population is 3.42 million.

Uruguay has a stable economy with an educated workforce and an export-oriented agricultural sector that serves as the pillar of the country’s economy. Beef and wool are the most powerful export-oriented industries in the country. Some mining activities are also carried out. Plastics are the country’s most significant manufacturing exports. The telecommunications sector is also well developed. Travel and tourism contribute to 9.4% of the country’s GDP.

1. Chile – $ 24,588

Chile has the richest economy in South America in terms of per capita GDP. Chile occupies a long, narrow strip of territory between the Pacific Ocean and the Andes mountain range in southern South America. Peru, Bolivia and Argentina are Chile’s neighboring neighbors. The country covers an area of ​​approximately 756,096.3 square km. As of 2012, it has a population of 16,341,929.

Chile is one of the continent’s most prosperous and stable economies and the World Bank classifies the Chilean economy as a high-income economy. It is the 30th most competitive country in the world. As of 2012, the largest economic sectors by GDP in Chile are mining, commercial and personal, wholesale, retail and manufacturing. Only 4.9% of GDP is provided by the agricultural and related sectors.

The richest countries in South America