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Map of the Latin American countries by Human Development Index in 2021. The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, knowledge, and a decent standard of living.
Latin American and the Caribbean countries by GDP per capita PPP (2019). This is a list of Latin American and the Caribbean countries by gross domestic product at purchasing power parity in international dollars according to the International Monetary Fund 's estimates in the October 2023 World Economic Outlook database.
According to a study by the World Bank, the richest decile of the population of Latin America earn [14] 48% of the total income, while the poorest 10% of the population earn only 1.6% of the income. In contrast, in developed countries, the top decile receives 29% of the total income, while the bottom decile earns 2.5%.
The Latin American economy is an export-based economy consisting of individual countries in the geographical regions of North America, Central America, South America, and the Caribbean. The socioeconomic patterns of what is now called Latin America were set in the colonial era when the region was controlled by the Spanish and Portuguese empires.
This sentiment helped expand support for the Spanish-American War and Cuban liberation despite the U.S. previously establishing itself as anti-independence and revolution. [27] America's victory in the war ended Spanish rule over Cuba, but promptly replaced it with American military occupation of the island from 1898–1902. [28]
While relatively unknown, there is a flag representing the countries of Spanish America, its people, history and shared cultural legacy. It was created in October 1933 by Ángel Camblor, captain of the Uruguayan army. It was adopted by all the states of Spanish America during the Pan-American Conference of the same year in Montevideo, Uruguay. [27]
Bolivia was one of the poorest countries in South America, but between 2006 and 2014, GDP per capita doubled and the extreme poverty rate declined from 38 to 18%. [21] This represents a great improvement in comparison to the situation by 2005, diminishing poverty from 59.6% to 38.6% in a decade. [22]
The goal of the LAFTA is the creation of a free trade zone in Latin America. It should foster mutual regional trade among the member states, as well as with the U.S. and the European Union. To achieve these goals, several institutions are foreseen: the council of foreign ministers; a conference of all participating countries; a permanent council