5 Fastest Growing Countries In Latin America

2. Bolivarian Republic of Venezuela

2023 Projected Real GDP Growth Rate According to IMF: 6.5%

The Bolivarian Republic of Venezuela, or Venezuela, is a South American coastal nation with one of the lowest per capita incomes in the world of $7,108. It is also one of the most unstable countries in the world, having experienced riots, revolutions, and political uncertainty for decades. Naturally, this has done little favor to the Venezuelan industry, and almost all of its foreign exchange revenue comes through oil exports. Venezuela has also often been ranked as one of the most corrupt countries in the world, with Transparency International’s 2022 Corruption Index ranking it at 177 out of the 180 countries studied – for the lowest score in the Latin American region.