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In this article, we will discuss the five poorest countries in South America and the Caribbean. If you need to skip our detailed analysis, you can move on to the five poorest countries in South America and the Caribbean.
Inequality among global economies has kept many countries in poverty. Economic and political instability has affected the economies of other regions over the years. Africa is one of the most deficient continents with a giant number of deficient countries. The most deficient countries in South America and the Caribbean are relatively much richer than many of the most deficient African countries. For example, the most deficient country in Africa is South Sudan, with a GDP consistent with capita of $475. 81. The most deficient country in South America and the Caribbean is Haiti, with a GDP consistent with capita of $3,190 as of December 2023, according to IMF data.
Overall, the regional economic outlook seems positive. Over the past three decades, South America and the Caribbean achieved significant progress in macroeconomic resilience. The region has shown remarkable flexibility against economic shocks including inflationary pressures, rising debt, low commodity prices, and global uncertainty – in addition to the aftereffects of the COVID-19 pandemic. According to the IMF’s regional outlook for South America and the Caribbean, the continent has shown a stronger-than-expected recovery from the COVID-19 pandemic and continued resilience in early 2023. Core inflation is also slowing down in the region following timely monetary tightening since 2021. Inflation in South America and the Caribbean is expected to drop from 14.6% in 2022 to 13.6% in 2023 and continue a downward trajectory to 8.8% in 2024.
The region’s economic expansion is expected to slow through the end of 2023 and reach its lowest point in 2024. According to IMF estimates, genuine GDP expansion is expected to fall from 4. 1% in 2022 to 2. 3% in 2023 and 2024. In countries such as Brazil, Chile, Colombia, Mexico, and Peru, the cumulative expansion rate is expected to minimize from 3. 7% in 2022 to 2. 6% in 2023 and 1. 9% in 2024. While the rate of expansion in Central America, Panama and the Dominican Republic is expected to be 17% in 2023 and slow slightly to 16. 3% in 2024. Guyana is one of the fastest-developing economies globally in 2023 and the only economy in South America and the Caribbean that will continue to grow with a forged expansion. rate.
Among the main dangers for South America and the Caribbean are the slippage of financial and fiscal policies, the retreat of inflationary pressures, and global tensions. The region’s impoverished economies are already facing the fire of a slow economic recovery. a key to the region. China is one of the main economic partners of Latin American countries after the United States. China has key industrial relations with many South American countries. According to Deloitte, the overall industry between China and Latin America grew from $12 billion to $310 billion between 2000 and 2022, with an average annual expansion rate of 15. 9%. Trade relations between China and Latin American countries will be a key driver of the region’s recovery.
Some of the key players playing a major role in the economy of South America and the Caribbean are Cementos Argos S. A. (OTC: CMTOY), Vale S. A. (NYSE: VALE) and Petróleo Brasileiro S. A. (NYSE: PBR). These corporations play a role in their respective markets.
Cementos Argos S.A. (OTC:CMTOY) is a top Colombian construction materials and cement producer. On December 1, Cementos Argos S.A. (OTC:CMTOY) reported that the company has built more than 300 homes with its modular concrete construction system. Cementos Argos S.A. (OTC:CMTOY) has established one of its type modern plants in Latin America in Cajicá, Cundinamarca. The plant creates almost 150 direct jobs and more than 500 indirect jobs. On November 27, Cementos Argos S.A. (OTC:CMTOY) in collaboration with Comfama launched Vesta to support housing for Antioquia. The leader of Vesta on behalf of Cementos Argos S.A. (OTC:CMTOY) said:
“We are convinced that this initiative has the strength to help reduce social gaps, thus achieving our purpose of making imaginable the housing structure and infrastructure of dreams that allow a more sustainable, multimillion-dollar and inclusive society. This is certainly imaginable thanks to the integration of the efforts of other companies that are committed to innovation as a catalyst, generating a positive effect on the quality of life of the communities, which are at the heart of our strategy.
Vale S.A. (NYSE:VALE) is a leading corporation engaged in metals and mining. Vale S.A. (NYSE:VALE) also plays a vital role in logistics in the region. On November 30, Vale S.A. (NYSE:VALE) announced the beginning of its first biofuel voyage on a bulk vessel in collaboration with Oldendorff Carriers. On November 22, Vale S.A. (NYSE:VALE) announced the maiden voyage of the Berge Olympus, a Newcastlemax bulk carrier. The Berge Olympus will save an average of 6 tonnes of fuel per day on the global route and reduce CO2 emissions by almost 19.5 tonnes per day.
Petróleo Brasileiro S. A. (NYSE: PBR) is one of the region’s leading oil corporations. On December 4, Petróleo Brasileiro S. A. (NYSE:P BR) announced that it had signed an agreement with the government of the state of Rio de Janeiro to install a CO2 storage and capture platform. The company is committed to decarbonization solutions in the region. On 8 December, the Italian company Prysmian S. p. A. (ILO:PR) was awarded a €100 million contract for the manufacture of umbilicals and metal tubes. Petróleo Brasileiro S. A. (NYSE: PBR) drives the region’s energy economy. Detlev Waimann, CCO Projects BU Prysmian Group, said:
“This award confirms the mutual acceptance and long-standing relationship between Petrobras and the Prysmian Group, as it is the newest in a series of projects developed for the Brazilian power company. This contract, once again, underlines the not unusual path taken towards a safer and more efficient use of resources.
Here are some giant corporations from South America and the Caribbean that continue to play a role in the regional economy. Now let’s take a look at the list of the poorest countries in South America and the Caribbean.
Rio de Janeiro, Brazil
Our Methodology
We used countries’ GDP consistent with capita (PPP) to rank the 15 poorest countries in South America and the Caribbean. As a definition, PPP is calculated by subtracting differences in value and nominal adjustments in the local currency and the U. S. dollar. The figures are from 2023 and come from the International Monetary Fund (IMF).
We rank the countries in descending order of GDP consistent with capita (PPP) in 2023. We also analyze the countries’ GDP (PPP) data, which is also taken from the IMF.
GDP consistent with capita (2023): $20,080
Brazil is one of the largest economies in South America. The country has a GDP of $4. 1 trillion and a consistent GDP capita of $20,080. Brazil is among the poorest countries in South America and the Caribbean.
GDP Per Capita (2023): $19,480
Colombia is the largest economy in South America. The country has a GDP of $1. 02 trillion. With a consistent GDP capita of $19,480, Colombia is one of the poorest countries in South America and the Caribbean.
GDP consistent with capita (2023): $18,310
Suriname is a small country on the northeastern coast of South America. The country has a GDP of $11.44 billion and a GDP per capita of $18,310. Ranked 13th on our list, Suriname is one of the poorest countries in South America and the Caribbean.
GDP consistent with capita (2023): $15,890
Peru is home to the section of the Amazon rainforest and Machu Picchu. The South American country has a GDP of $548.47 billion. Peru’s GDP per capita of $15,890 places it among the poorest countries in South America and the Caribbean.
GDP consistent with capita (2023): $15,530
Paraguay is a landlocked country between Argentina, Brazil, and Bolivia. The country has a GDP of $117. 35 billion and a consistent GDP capita of $15. 530. Paraguay is one of the poorest countries in South America and the Caribbean.
GDP consistent with capita (2023): $13,290
Located along the west coast of South America, Ecuador has a GDP of $242. 58 billion. Ecuador’s GDP, consistent with a capita of $13,290, makes it the poorest country in South America and the Caribbean.
GDP consistent with capita (2023): $12,990
Jamaica is one of the poorest countries in the Caribbean. The country has a GDP of $35. 69 billion and a consistent GDP capita of $12. 990. Jamaica, which ranks ninth on our list, is one of the poorest countries in South America and the Caribbean.
GDP Per Capita (2023): $11,720
El Salvador is a Central American country with a GDP of $74. 51 billion. The country has a consistent GDP per capita of $11,720 and places El Salvador among the poorest countries in South America and the Caribbean.
GDP Per Capita (2023): $11,170
Belize is located on the east coast of Central America. The country has a GDP of $5. 03 billion and a consistent GDP capita of $11,170. Belize ranks seventh among the poorest countries in South America and the Caribbean.
GDP consistent with capita (2023): $10,600
Located south of Mexico, Guatemala is a Central American country with a GDP of $201. 37 billion. With a consistent GDP capita of $10,600, Guatemala is one of the poorest countries in South America and the Caribbean.
Click to continue reading and see the 5 Poorest Countries in South America and the Caribbean.
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Disclosure: None. 15 Poorest Countries in South America and the Caribbean is originally published on Insider Monkey.