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What are the main economic trade agreements for the South American countries?

What are the main economic trade agreements for the South American countries?

By size and economic importance, the region has three major free trade deals: the still-to-be-implemented renegotiation of NAFTA, known as the United States-Mexico-Canada Agreement, or USMCA; Mercosur, the four-country common market made up of Argentina, Brazil, Paraguay and Uruguay; and the Pacific Alliance, a …

Which South American country has the best economy?

Uruguay was the South American country with the highest average income per capita, with over 16.2 thousand U.S. dollars per person per year. Chile ranked second, registering a gross national income of around 15 thousand U.S. dollars per person, based on current prices.

What kind of economy does South America have?

It was only from the 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, industry, forestry, and mining .

Which is the richest country in South America?

The real growth of the South American economies began in the 1990s when the countries adopted the Free-Market economy system which helped the countries overcome the debt crisis. At present, agriculture, mining, and forestry are the major South American industries. Here is a list of the richest countries of South America by per capita income. 5.

Why did South America have a debt crisis?

However, the policy led to a debt crisis in the continent and the countries fell farther behind the Western countries in economic development. The real growth of the South American economies began in the 1990s when the countries adopted the Free-Market economy system which helped the countries overcome the debt crisis.

How did South America deal with population growth?

Emphasis was placed on stimulating economic growth through selling state-owned enterprises to private investors and eliminating or severely curtailing support for social programs. These actions were meant to increase productivity, reduce governmental expenditures, and diversify economic activities.