The richest country in South America with more money than Spain and Poland combined | World | News

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One of the best ways to measure a country’s wealth is by looking at its overall Gross Domestic Product or GDP.

GDP is simply a measure of the total value of goods and services produced in a country over a specific period of time.

Based on that, Brazil is the richest country in South America, followed by Mexico, Argentina, and Chile.

With a GDP of $2.17 trillion (£1.7trillion) in 2023, Brazil is richer than Spain and Poland combined. Spain’s GDP for 2023 was billion)estimated at $1.5 trillion (£1.1 billion), while Poland’s economy came in at $811 billion (£643 billion).

On a global scale, Brazil ranks 8th in the world for GDP, according to the International Monetary Fund (IMF).

Brazil’s economic strength comes from its diverse industries and rich natural resources. Once focused on goods like sugar, gold, and cotton, the country has now transformed into a big industrial force.

It’s one of the world’s largest steel producers and the leading exporter of iron ore, thanks to companies like Gerdau and Vale.

Petrobras, Brazil’s state-controlled oil giant, is also the most valuable company in Latin America.

What’s more, the country leads in agriculture, producing vast amounts of coffee, soybeans, and beef that are exported worldwide.

Between 2000 and 2012, Brazil was one of the world’s fastest-growing economies, with annual GDP growth averaging more than 5%.

Although the country’s economy slowed in 2013 and entered a recession in 2014, Brazil has managed to bounce back.

It began recovering in 2017, officially exiting the recession and slowly returning to growth.

Brazil’s size and natural wealth play a big role in its wealth. It’s home to the Amazon rainforest, immense energy reserves, and a massive workforce.

With a population of over 215 million people, Brazil has a huge domestic market and a rising middle class that drives economic activity.

The country is also an important member of major global organisations like the G20, Mercosur, and the World Trade Organization, and it’s working to become a permanent member of the OECD.

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The richest country in South America with more money than Spain and Poland combined | World | News

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