Economy of South America

Economy of South America
Statistics
Population 358,941,000 (2010)[N 1][N 2]
GDP nominal: US$3.205 trillion (2010)[N 1][N 2]
PPP: $3.990 trillion (2010)[N 1][N 2]
GDP growth
 Per capita: 5.5% (2008) [N 3][N 2][N 4]
GDP per capita
 nominal: US$8,929 (2010)[N 1][N 2]
PPP: US$11,115 (2010)[N 1][N 2]
400,000 (0.07%)
Unemployment 9% (2002)
Top 10% income
 44.37%

All values, unless otherwise stated, are in US dollars.

The economy of South America comprises approximately 382 million people living in twelve nations and three territories. It encompasses 6 percent of the world's population.

From the 1930s to 1980s, countries of South America used Import Substitution, an economic policy which replaces foreign businesses as well as imports with domestic production. This was a policy made to produce more development and help grow domestic businesses, which are not competitive with other international industries. However, this policy created a debt crisis in the South America.[1]

South America was falling farther behind the Western countries over the past two centuries. This can be explained by South America´s high concentration on primary commodities as well as the state of the educational system and institutional structure, some of which are still related to its colonial past, others to recent political developments.[2]

It was only from 1990s when countries in South America switched over to the system of Free-Market economy. This eventually pulled countries in South America out of the debt crisis. Now, major economic activities include agriculture, forestry, and mining.

Economic sectors

Agriculture

The main agricultural products include: Coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus, beef, bananas and shrimp are also important agricultural products for many countries.

Mining

Chile contributes about a third of the world copper production. Brazil is the world’s leading producer of niobium and tantalum, and Peru is the largest silver producer and the second-ranked producer of bismuth and copper. [3]

Economy by country

Economy of:

Economic history of:

See also

Notes

  1. 1 2 3 4 5 International Monetary Fund
  2. 1 2 3 4 5 6 Excludes French Guiana
  3. ↑ ECLAC
  4. ↑ Excludes Guyana and Suriname

References

  1. ↑ "Encyclopedia Britannica". South America. Encyclopædia Britannica Inc. Retrieved 17 June 2015.
  2. ↑ Baten, Jörg (2016). A History of the Global Economy. From 1500 to the Present. Cambridge University Press. p. 153. ISBN 9781107507180.
  3. ↑
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