In this piece, we will take a look at the five most advanced countries in South America. For more countries, head on over to 10 Most Advanced Countries in South America.
5. Republic of Peru
Global Innovation Index (2022) Ranking: 65
The Republic of Peru is one of the more prosperous South American nations which has a GDP of $513 billion. Rich in natural resources, the country relies primarily on copper, gold, lead, iron, and petroleum products as its exports. Peru produces most of its electricity from hydroelectric plants, and its startup ecosystem is one of the most renowned in the world. Through this, Peru has transformed its agriculture industry as well, which is crucial since it produces a large number of products. Its National Agricultural Innovation Project (PNIA) finances post graduate education, creates agricultural innovation technical commissions and has enabled 32,000 subproject beneficiaries to grow their income.
4. Oriental Republic of Uruguay
Global Innovation Index (2022) Ranking: 64
The Oriental Republic of Uruguay is the most stable country in South America when it comes to rule of law, government access, and terrorism. Its primary exports are all agricultural products, but Uruguay has led South America, including countries such as Peru and Brazil, when it comes to things such as telecommunications coverage as it was the first country on the continent to be fully connected. Additionally, Uruguay managed to completely shift to renewable electricity in just ten years, and is a net electricity exporter. It is also the only South American country that has its institutions rank in the fourth and the best performing quartile in the Innovation Index.
3. Republic of Colombia
Global Innovation Index (2022) Ranking: 63
The Republic of Colombia is a relatively advanced South American country that relies on industry and services for its GDP. Like some other South American nations, the bulk of its electricity is also generated through renewable sources – a crucial factor in today’s high oil price environment. Additionally, the country has a vibrant science sector, having invented pacemakers, LASIK eye surgery, and treatment for cerebrospinal fluid accumulation. It is also one of the few countries in the world capable of building military naval ships.
2. Federative Republic of Brazil
Global Innovation Index (2022) Ranking: 52
The Federative Republic of Brazil, or simply Brazil, is the largest and most prosperous country in South America. It has a $3.6 trillion economy and a large number of universities and research institutes. The country also has the most advanced space program on the continent and is the only country in South America with a chip fabrication plant. Some large Brazilian technology companies are Multilaser Industrial S.A. (BVSP:MLAS3.SA), Positivo Tecnologia S.A. (BVMF:POSI3.SA), and Allied Tecnologia S.A. (BVMF:ALLD3.SA). However, Brazil ranks number two on the list of advanced South American nations because of its weak government institutions which are among some of the worst in the world.
1. Republic of Chile
Global Innovation Index (2022) Ranking: 50
The Republic of Chile has one of the highest per capita incomes in South America, which sits at $28,526. It is also the first South American country to join the OECD. It is also one of the handfuls of countries in South America that rely on satellites for their communications needs. Additionally, the bulk of the Chilean population has internet access, and it is the only South American country with second quartile rankings for institutions, capital research, infrastructure, market sophistication, business sophistication, creative outputs, and technology outputs.
Disclosure: None. You can also take a peek at 20 Largest Hotel Chains in the World and Jim Cramer’s 10 Comeback Stocks.
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