In this piece, we will take a look at the five fastest growing countries in Latin America. For more countries, head on over to 12 Fastest Growing Countries In Latin America.
5. Oriental Republic of Uruguay
2023 Projected Real GDP Growth Rate According to IMF: 3.6%
The Oriental Republic of Uruguay is a South American country with a $96 billion GDP. It is also one of the most peaceful and progressive countries in the world. Uruguay relies primarily on food and agricultural products for its exports, with the biggest share going to beef. It also exports significant amounts of malt, rice, and wood pulp. China is Uruguay’s largest import and export partner, as it represents an equal proportion of Uruguayan imports and exports.
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.
3. Dominican Republic
2023 Projected Real GDP Growth Rate According to IMF: 4.5%
The Dominican Republic is a Caribbean country located on the Greater Antilles archipelago. The country has a relatively high GDP of $254 billion which lends it a per capita income of $23,983. The Dominican Republic has a well diversified export base, that sells nearly equal proportions of gold, tobacco, medical instruments, and other products on the global marketplace. Its largest trading partner is the U.S., accounting for nearly half of both imports and exports.
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.
1. Co‑operative Republic of Guyana
2023 Projected Real GDP Growth Rate According to IMF: 25.2%
The Co‑operative Republic of Guyana, or simply Guyana, is a South American country. Its official language is English, and the country has one of the lowest GDPs in the world $30 billion. However, its GDP per capita of $38,258 is quite high. Guyana exports ships, containers, machinery, gold, and aluminum to earn foreign exchange.
Disclosure: None. You can also take a look at 15 Most Promising QQQ Stocks and 13 Most Profitable Food Stocks.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below
