5 Fastest Growing Countries In Latin America

4. Republic of Paraguay

2023 Projected Real GDP Growth Rate According to IMF: 4.3%

The Republic of Paraguay is a South American country that is one of the few nations in the world that generates all of its electricity from renewable sources. Uruguay’s GDP estimates sit at $108 billion, lending it a per capita income of $14,528. In addition to fully generating renewable electricity, Uruguay is also one of Latin America’s largest electricity exporters – providing it with an easy source of foreign exchange earnings.