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What are the main resources of Latin America?

MINERAL RESOURCES Gold, silver, iron, copper, bauxite (aluminum ore), tin, lead, and nickel—all these minerals are abundant in Latin America. In addition, mines throughout the region produce precious gems, titanium, and tungsten. In fact, South America is among the world’s leaders in the mining of raw materials.

What is Latin America’s economy mostly based on?

The Latin American economy is largely based on commodity exports, therefore, the global price of commodities has a significant effect on the growth of Latin American economies.

What are Latin America’s most abundant resources?

Oil is the most abundant resource in Latin America (north of the equator.) Mexico and Venezuela have the most of this resource.

Is Latin America rich in resources?

Latin America is particularly vulnerable to the impacts of climate change as it is a region rich in natural resources. It houses 25 percent of the Earth’s forests and arable land, as well as more than 30 percent of the world’s water resources.

What are the economic issues in Latin America?

Latin America and the Caribbean will grow in 2021, although the pandemic remains present and the crisis worsened the region’s long-standing structural problems: low investment and productivity, labor informality, unemployment, inequality and poverty.

What are the main economic activities of South America?

From the 1990s onward countries in South America switched over to the system of Free-Market economy. Now, major economic activities include agriculture, industry, forestry, and mining.

What type of economy is South America?

What are Antarctica natural resources?

Overview of Resources The possible resources include silver, copper, gold, nickel, platinum, iron ore, chromium, cobalt, molybdenum, zinc, manganese lead, titanium, nickel, and uranium. Coal and hydrocarbons have been located in minimal non-commercial quantities. All these resources are yet to be exploited.

Is Latin America growing economically?

Latin America arm revises region’s 2021 economic growth upwards to 5.9% ECLAC adjusted its 2021 projection for Brazil’s economy upwards to 5.2% from 4.5% previously and that of Mexico to 6.2% from the previous projection of 5.8%. The agency maintained its projection for 2022 regional growth at 2.9%.

What is South America’s main export?

South America’s major exports, in terms of value, are mostly primary commodities, including foodstuffs and plant products, fuels, and raw materials. Within the first group the most important commodities are sugar, bananas, cocoa, coffee, tobacco, beef, corn, and wheat.

What is the largest economy in South America?


Rank Country GDP (millions of US$)
1 Brazil 1,363,767
2 Mexico 1,040,372
3 Argentina 382,760
4 Colombia 264,933