Category: South America

Thanks to the tropical temperatures, the coastal areas were the nucleus of the ancient South American civilizations. Irrigation agriculture was practiced there even before the time of the Incas. This long tradition has received new impulses in the industrial age through the most modern civil engineering technology. The old river valleys are now impressive river oasis landscapes. The old irrigation canal structures from pre-Inca times have been preserved, which are still unmatched in their technical perfection and the construction of which is still a mystery to this day. Thanks to their easy accessibility, they are one of the main tourist attractions of Peru.

Santiago del Estero (Argentina) – soy cultivation
The village of Pozo Betbeder has around 500 residents. It is located at the eastern foot of the Andes in northern Argentina, about 2.5 hours by car north of Santiago del Estero, the capital of the province of the same name. The capital of Argentina, Buenos Aires, is more than 1000 kilometers away. The area around the village is dominated by large farms.

The location and natural conditions are the same as those of the Estancia San Carlos, but the rainfall is somewhat lower (around 600 millimeters per year). Nevertheless, there are good conditions for growing soy, but also cereals. For more information about the continent of South America, please check

Argentina History

Argentina History

In 1516 Juan Díaz de Solis discovered Argentina, in the following period the country slowly developed under Spanish colonial rule. Buenos Aires was founded in 1580, and cattle farming developed into an important industry in Argentina from 1600 onwards. The invasion of British forces in 1806/1807 was repulsed and after Napoleon conquered Spain (1808) the Argentines formed their own government in 1810. Independence was officially declared on July 9, 1816.

As in the First World War, Argentina remained neutral at the outbreak of the Second World War, in the last phase of the world war, but on March 27, 1945 Argentina declared war against the Axis powers. Juan D. Perón, an army colonel, became the strong man of the post-war era, winning the 1946 and 1951 presidential elections. Perón’s political strength was supported by his second wife, Eva Duarte de Perón (Evita), and her popularity with the work class. Although she never held a government post, Evita was considered the de facto Minister of Health and Labor, founded a national charity organization, and provided generous wage increases. The unions responded with political support for Perón. Resistance to the increasing authoritarian leadership of Perón led to a coup by the armed forces. Perón was exiled in 1955, three years after Evita’s death. A long period of military dictatorships began in Argentina with brief interludes from civil governments.

Peron came back to power in 1973 and his third wife, Isabel Martínez de Perón, became Vice President. After her husband’s death in 1974, she became the first woman in the southern hemisphere to become head of state and take control of a nation struggling with economic and political collapse. In 1975, terrorist acts by both left and right-wing groups killed around 700 people. The cost of living rose by 355% and there were constant strikes and demonstrations. On March 24, 1976, a military junta led by Commander Heer Lt. General Jorge Rafael Videla came to power and declared martial law.

The dirty war

The military started the “dirty war” in order to restore order and to eliminate its opponents. The Argentine Commission for Human Rights in Geneva blames the junta for 2,300 political murders, over 10,000 political arrests and the disappearances of 20,000 to 30,000 people. The economy remained badly hit. In March 1981 Videla was deposed by Field Marshal Roberto Viola, who in turn was replaced by Lt Gen Leopoldo Galtieri.

On April 2, 1982, Galtieri launched an invasion of the British Falkland Islands, also known as Las Islas Malvinas, to increase its popularity in Argentina. Britain won that war, however, and Galtieri resigned three days after Argentina was defeated. Major General Reynaldo Bignone took over on June 14, amid increasing public opinion. Before the 1983 elections, inflation reached 900% and Argentina’s external debt was at its highest level.

In the presidential elections of October 1983, Raúl Alfonsín, leader of the Radical Civic Union, inflicted its first defeat on the Peronist party since it was founded. Rising unemployment and rising inflation rates, however, led to a Peronist victory in the May 1989 elections. Alfonsín resigned a month later in the wake of unrest over high food prices in favor of the new Peronist president Carlos Menem. In 1991 Menem implemented economic deregulation measures and privatized state-owned companies. From September 1998, after eight years of Menem’s presidency, Argentina experienced the worst recession of the decade. Menem’s economic policies, tolerance of corruption and pardons for military leaders involved in the dirty war,

Recession and economic instability

In December 1999 Fernando de la Rúa was elected President. Despite tough economic austerity measures, the 2001 recession still persisted. The IMF granted $ 13.7 billion in emergency aid to Argentina in January 2001 and another $ 8 billion in August 2001. However, this international aid was not enough and by the end of 2001 Argentina was on the verge of economic collapse. There were violent protests against the austerity measures in the country, de la Rua was forced to resign in December 2001. Argentina at the time had an external debt of $ 155 billion.

In this instability, on January 1, 2002, Congress appointed Eduardo Duhalde President. Soon after, Duhalde announced that he would devalue the Argentine peso, which had been pegged to the US dollar for years. As a result of this devaluation, the banks fell into crisis and much of the savings of the middle class was destroyed – millions of Argentines fell into poverty.

Dirty war criminals to be tried

In July 2002, former junta leader Galtieri and 42 other officers were arrested and charged with torturing and executing 22 left-wing guerrillas in the 7-year military dictatorship. In recent years, judges have discovered legal loopholes that enabled them to circumvent the general amnesty laws of 1986 and 1987. This made it possible to try numerous atrocities under the military dictatorship in court. In June 2005 the Supreme Court ruled these amnesty laws unconstitutional and in 2006 numerous military and police officers appeared on trial.

Economic boom

According to commit4fitness, Néstor Kirchner, the former governor of Santa Cruz, became president of Argentina in May 2003 after former president Carlos Menem left the race. Kirchner promised a reform of the courts, the police and the armed forces and advocated the persecution of the perpetrators in the dirty war. Argentina’s economy recovered, and from Kirchner’s inauguration there were impressive growth rates of over 8%. In March 2005, Kirchner announced that Argentina had successfully restructured its debt. In January 2006, Argentina paid the remaining billions in the IMF debt, a drastic move that not all economists believed was the right thing to do.

In October 2007, First Lady Cristina Fernández de Kirchner was elected President with 45% of the vote. Elisa Carrió, a member of the Congress, came second with 23%.

On December 10, 2007, Cristina Fernández de Kirchner took over the presidency from her husband, Néstor Kirchner. She held many ministers already working under her husband, but also announced changes in the country. She named molecular biologist Lino Barañao Minister of Science. Fernández also wanted to set up a new Ministry of Science and Technology to encourage innovation and said it would make the “necessary corrections” to tackle Argentina’s inflation problem. Although she is as much a nationalist as her husband and is rather hostile to the IMF, Fernández has shown an interest in better relations with the US, Europe and Brazil.

On April 2, 2008, farmers temporarily suspended their 21-day strike to negotiate with the government. The strike, which began in response to increases in taxes on export goods, blocked the highways and caused severe food shortages in the country. On July 17, 2008, the government, led by Vice President Cobos, sided with the farmers and opposed the President’s proposed increase in the agricultural export tax. On October 3, 2008, however, the farmers started the nationwide strike against the government again because they felt they were not adequately supported.

In November 2008, the House of Commons approved President Fernandez’s controversial plan to nationalize more than $ 25 billion in private pension funds. President Fernandez claimed nationalization was protecting assets in the global financial crisis, while Vice President Julio Cobos disagreed. He believes this move will lead to a withdrawal of investors in Argentina.

Argentina History

World Bank Business

World Bank Business

The business

The main purpose of the World Bank is to promote sustainable economic growth in order to reduce poverty in the recipient countries. This is done by offering loans and guarantees, as well as providing support in the form of analysis and advice. The bank is the world’s largest financier of development aid.

Projects supported by the World Bank can focus on, for example, education, health care, road construction, environmental protection or reforms of the financial sector and public administration.

The Bank works closely with the governments of the recipient countries, but also with non-governmental organizations and with other international bodies such as the International Monetary Fund (IMF), the various UN specialized agencies and regional development banks.

The World Bank’s support for a country is based on an analysis of the causes of poverty in a recipient country. Based on the analysis, the World Bank then, in dialogue with the country’s government, develops a tailor-made assistance program that is described in so-called Country Assistance Strategies (CAS). The help can consist of financial support, advice or technical assistance.

Investments are made on the basis of achieving growth by building competence among representatives of the state and government, creating a functioning rule of law, developing stable financial systems and fighting corruption.

According to six strategic goals developed by Robert Zoellick, World Bank Governor 2007-2012, the work will focus on helping the poorest countries (mainly in Africa), preventing conflicts and supporting reconstruction in failing states, supporting middle-income countries as a majority of the world’s poor live there., safeguard public and public goods (not least the environment), expand cooperation with the Arab world, which is found to be poorly integrated into the world economy, and provide expertise and expertise.


The World Bank lends money to long-term development projects aimed at fighting poverty and creating growth. The bank is involved in approximately 1,700 projects in developing countries.

Middle-income countries can apply for loans from the International Bank for Reconstruction and Development (IBRD), which is part of the World Bank. Middle-income countries include countries with a national income per capita between about $ 1,000 and $ 12,000 a year. The recipient country pays interest on the loan, which is repaid within 15 years. The first five years are usually free of charge. Projects must have a good chance of becoming profitable.

The International Development Fund (IDA), which is also part of the World Bank, provides long-term loans to the poorest countries. The loans are given on very favorable terms, which means that they are virtually exempt from interest and have a long repayment period, between 20 and 40 years, of which the first 10 years are amortization-free. However, the projects financed by IDA must also be considered commercially profitable. Thus, IDA’s lending deviates from pure development assistance activities.

Some countries, especially small island states, which have higher incomes may also borrow from IDA as their credit rating is too low for IBRD loans. Other countries have such a low income that they qualify for IDA loans, but still a high enough credit rating to be able to borrow from the IBRD as well. The latter include India, Pakistan and Indonesia. A total of 78 countries qualified for IDA credits in 2009.

To obtain a loan through IDA, a country must develop a credible strategy for combating poverty, a so-called PRSP (Poverty Reduction Strategy Paper; see also IMF: Progress). At the same time, IDA offers a special loan credit PRSC (Poverty Reduction Support Credit) which is given in parallel with the IMF’s so-called PRGF loan (see IMF: Progress) and which, like the latter, will support various structural and social reforms.

In 2008, the World Bank lent a total of $ 24.7 billion to 298 projects. The IBRD accounted for 13.5 billion, of which a third went to Latin America and the Caribbean and almost as much to countries in Europe and Central Asia. Of the $ 11.2 billion that IDA portioned out, just under a third was grants and the rest loans. Half of IDA’s money went to sub-Saharan Africa and a quarter to southern Asia.

External cooperation

According to commit4fitness, the World Bank works closely with the IMF, not least with regard to the HIPC initiative (see Progress). A 2007 report stated that there is room to strengthen cooperation, not least to better manage crisis situations, coordinate technical assistance and clarify the roles of the two institutions in the work of developing financial sectors. The Bank also works closely with a number of other UN agencies that also work to combat poverty in the world.

In addition to lending from the IBRD and IDA budgets, the World Bank also manages trust funds for assistance to particularly high-priority development needs. These funds are financed outside the World Bank’s own resources, mostly through contributions from about ten countries. The funds include multi-billion initiatives such as HIPC and the Global Fund to Fight AIDS, Tuberculosis and Malaria (GFTAM), as well as a wide range of smaller and more specialized projects.

The World Bank contributes to about 170 regional and global partnerships, often with similar purposes. In 2000, the Bank initiated an international collaboration between educational institutes in developing countries, the Global Development Learning Network. Co-financing of specific projects also occurs.

Technical assistance and research

An increasingly important part of the World Bank’s activities is technical assistance. This is given, among other things, in the form of the economic country analyzes that form the basis for designing aid programs for the recipient countries. Often, certain parts of the loans from IBRD and IDA are set aside for counseling, training and other forms of knowledge transfer. Technical assistance is also provided in the form of training in financial management and project analysis for officials from the member states’ public administrations.

The World Bank’s research forms the basis for how its work is designed and how the Bank prioritises the areas to be supported. The bank conducts a number of different research projects in different subject areas and regions. In addition to country analyzes, regional analyzes are produced each year that address various themes, such as regional trade, income distribution and work to achieve the Millennium Development Goals.

In addition, the bank issues several reports. One example is the annual World Development Report, which analyzes obstacles to development in the world and provides recommendations for how to bridge them. Another annual report is Poverty Reduction and the World Bank, which examines the effects of the World Bank’s efforts to reduce poverty.

World Bank Business

The 10 most dangerous bridges in the world

The 10 most dangerous bridges in the world

Suspension bridges, motorway bridges, pedestrian bridges – there are many types of bridges, but which bridges are the most dangerous and where can they be found?

10th place – the “Indoboard Bridge” (Indonesia)

This bridge has to be listed among the top ten most dangerous bridges in the world, because as its name suggests, it is more like an indoboard than a trustworthy way of crossing a raging river. A lot of balance is required here every day because this bridge in Indonesia serves as a way to school for many children every day.

Place 9 – The Ghasa Suspension Bridge (Nepal)

This suspension bridge leads over the Jomsom Sadak gorge and connects a small village with the outside world. It is several hundred meters long and is at a dizzying height. Not only do people cross this bridge every day, but shepherds also drive their cattle over it. As a local, you may have gotten used to these circumstances sooner or later, but tourists need a lot of courage to start their way over this narrow bridge.

8th – Qu’eswachaka suspension bridge (Peru)

The Qu’eswachaka Bridge is a rope bridge that is made every year by hand and is made of braided grass and spans the Río Apurímac, so that residents in the area have a connection to the outside world. It has been a UNESCO World Heritage Site since December 2013 and, due to its unsafe construction, also one of the 10 most dangerous bridges in the world.

7th – Sarawak Bridge (Malaysia)

This bridge, made of bamboo and thin struts, must never be entered by more than two people at the same time, otherwise it would collapse under the weight. On the left and right there is a kind of railing, also made of bamboo, but when you step on the swaying bridge it becomes immediately clear that this would hardly hold up in case of doubt. Fall between the bamboo sticks, inevitably land in the river below and get to know the local animals.

6th place – Kotmale Oya Bridge (Sri Lanka)

Leading through the impenetrable jungle, this bridge also serves to cross a river. The Kotmale is the fourth largest in his country and leads about 70 kilometers through Sri Lanka. If you fall through the holey boards that make up the bridge, you will be swept away by the torrents of the current. So it is a real adventure to cross this river.

5th place – bridge over the Alps (Austria)

There are also some worrying bridges in Europe that only the bravest people can walk on. This building in Austria may only be entered with a helmet, has tensioned ropes on the left and right, which serve as railings and stable wooden boards form the step surface, but these are much too narrow to offer enough space. The awe-inspiring sight of the mountain peaks below and between you will make you rethink this excursion.

4th – Canopy Walkway (Ghana)

This unusual bridge is located in the Kakum National Park in Ghana and consists only of a wooden beam and a network, which should ensure stability on both sides. Nevertheless, the Canopy Walkway does not inspire confidence, especially since you are on this bridge far above the tree tops of the park and can no longer see the other people among you. When you finally reach the end of the bridge, which is located on a tree trunk around which a kind of platform has been built, you will probably think of a climbing park.

3rd place – suspension bridge over the Baliem river (New Guinea)

Unbelievable but true here is the fact that this bridge runs both horizontally and vertically and therefore represents a real challenge for everyone. The wooden boards, some of which are far apart, can sometimes only be crossed by large steps. So be careful: here you have two options for getting to know the river below you.

Place 2 – Hussaini Bridge (Pakistan)

The boards are crooked, the ropes are loose and look like they are about to tear. Either way, you are dependent on the ropes on the left and right to hold on, otherwise it is not possible to cross this many hundred meter long bridge that runs just above the water.

1st place – tightrope walking over the Mekong (China)

This construction is not so much a bridge, but rather a construction made up of many tight ropes. One rope serves as a footboard, the other hangs over your head to cling to. Do not worry, tourists rarely get lost here, rather it serves many children as a way to school in the morning. This fact makes it the most dangerous bridge number 1.

tightrope walking over the Mekong

Venezuela Business

Venezuela Business

According to Countryaah, Venezuela’s economy is heavily dominated by oil production, and for a long time in the 20th century the country was the world’s largest exporter of oil. This has created a strong alignment of business and oil dependency for both the state and business, which has historically made the economy in the country extremely vulnerable to fluctuations in international oil prices and business cycles.

Although then-President Hugo Chávez declared the country socialist in 2005, Venezuela is a mixed economy consisting of both state-owned, private-owned and cooperative enterprises. However, several companies that were privatized in the 1990s were taken over by the state after Chávez came to power.

As a result of the fall in oil prices, poor governance, political conflict and corruption, Venezuela has undergone its biggest economic crisis ever since 2015, collapsing imports of food, medicines and other basic goods, with enormous social and humanitarian consequences, and massive emigration. Inflation was over one million percent in 2018, which means that even people with good jobs find it difficult to pay for food, household goods and health services, in what was once one of South America’s richest countries.

In an effort to create alternative sources of income to oil, the government has opened to widespread exploitation of minerals, including gold, in the southwest of the country. Among other things, the project has led to severe environmental and indigenous conflicts, and has helped to increase an already high level of violence and crime.

  • According to abbreviationfinder, VZ is the 2 letter abbreviation for the country of Venezuela.

Historical background

Before oil production began for the first time in 1920, Venezuela was primarily an agricultural country with cocoa and coffee as its main export products. But by 1928, Venezuela had become the world’s largest oil exporter, a position the country maintained until 1970, and in the following decades the country underwent rapid economic development.

In the first phase, oil production was dominated by foreign companies; in 1928, at that time, “three major” – Dutch Shell, Gulf and Standard Oil – controlled 98 percent of production. The first state oil company, Corporación Venezolana de Petroleo (CVP), was not established until 1960. In 1976, the oil sector was nationalized, while the current state oil company Petróleos de Venezuela, SA (PDVSA) was created. Foreign companies, however, continued to actively participate in the oil sector through various cooperation agreements.

Oil revenues made the country one of the most prosperous in the continent, peaking in the 1970s when high international oil prices caused a financial boom for Venezuela. During this decade, however, the state also raised large loans abroad. At the beginning of the 1980s, corruption and poor political governance, together with an international economic crisis, caused Venezuela to have serious problems in dealing with foreign debt. This led to a crisis in Venezuela’s economy, and during the 1980s the government implemented a number of unpopular measures such as the privatization of state-owned companies and cuts in public spending. The first part of the 1990s was characterized by social and political turmoil, banking crises, economic decline, high inflation, and rising poverty.and social inequality.

When Hugo Chávez took over as president in 1998, the economy was still plummeting and the price of Venezuelan oil was at its lowest level in 22 years. Economic growth in the country accelerated somewhat until 2002/2003, when the country underwent a sharp economic downturn as a result of the strike and lockout in the oil company PDVSA. The conflict surrounding the PDVSA was politically motivated, as large parts of the business community in the country were in opposition to the government and wanted to push Chávez out of the presidential office. Chávez responded by replacing the leadership of the company with supporters of his political project.

From the end of 2003, the country had several years of high economic growth in both oil and non-oil related sectors. The proportion of the poor population (income-based poverty rate) fell from 42 percent in 1998 to 21 percent in 2012, only interrupted by a steep rise in 2003–2004 as a result of the PDVSA conflict.

The economic crisis since 2015

The main reason for the economic growth was historically high oil prices, and that the Chávez government used the extraordinary revenues for extensive government investment and social welfare development. But instead of using part of the revenue to build up the country’s capital reserves, the state took out large loans abroad based on an expectation of still high oil revenues in the future. This had serious consequences when oil prices fell in 2014, and the financial problems, which had started so little in 2010, were seriously accelerating.

Most people notice the economic crisis through hyperinflation, commodity shortages, and an extensive black exchange economy. The government has not published poverty statistics since 2015, but a survey by several of the country’s private universities estimates that 87 percent of the country’s households were classified as poor in 2017. This, along with a political crisis, a record high level of violence, an increasingly authoritarian regime led by President Nicolas Maduro, brain drain and systematic corruption, Venezuela is in the most dramatic crisis in the country’s modern history, also referred to as the worst economic crisis in the Western Hemisphere in modern times.

The causes of the crisis

The economic crisis in Venezuela has many and complex causes. In addition to insufficient foreign exchange reserves that could buffer the large oil price fall, another basic factor is a state-controlled exchange system introduced by then-President Hugo Chávez in 2003 to prevent capital flight following the strike in PDVSA and the private business world. Even before the crisis, the exchange system created great incentives for corruption and economic crimeboth among state and private actors. Inflation and a weakened Venezuelan currency led to major differences between official exchange rates and the black exchange rate, and people with good contacts were able to switch to very favorable exchange rates, an opportunity that did not exist for most people.

Venezuela is heavily dependent on imports for everything from foods, medicines, industrial components and consumables. As the economic downturn increased and the state’s currency revenues declined, the exchange system contributed to both falling imports and weakening national production, which is largely dependent on external imports. Prior to the crisis, several companies had already been severely weakened, partly as a result of government takeovers and poor governance.

Demand for currency and commodities has created an inflation spiral where currency and price speculation, smuggling and black exchange trading have continuously amplified the crisis. The government’s attempt to maintain price controls on basic commodities, a scheme started in 2003 by Chávez to strengthen the purchasing power of the poor, has created major incentives for black exchange trading and undermined production and distribution.

The government’s repeated attempts to overhaul the exchange system have been unsuccessful, at the same time as they have pushed up money to pay for government spending. In addition, much of the state’s potential revenue in subsidies of domestic oil consumption disappears; For historical and political reasons, Venezuela has for decades been the cheapest fuel in the world.

Political conflict between the government and the opposition-friendly business community, and political pressure from outside, has also been a contributing factor. The Venezuelan opposition has been lobbying international financial institutions to limit the government’s economic scope.

In August 2017, Donald Trump issued a decree prohibiting (with certain exceptions) US companies from dealing with new debt, government bonds or profits issued or belonging to the Venezuelan state, including the PDVSA. Further sanctions have been introduced afterwards. This has made it difficult for the Maduro government to operate in the international financial market and thus more expensive and more difficult to restructure debt. The sanctions thus have negative consequences both for the authorities and for Venezuela’s population.

The crisis in numbers

According to the UN organization ECLAC, Venezuela’s gross domestic product (GDP) has fallen continuously over the period 2014–2018, with an accumulated decline of 40 percent since 2013. In other words, the value of production of goods and services in Venezuela is almost halved in five years.

Oil revenues account for 98 percent of the country’s export revenue, which in 2017 was just over $ 32 billion. The capacity of the oil sector has weakened sharply in recent years, and production has fallen continuously since 2014. In January 2016, Venezuela produced 2.3 million barrels of crude oil per day. Two years later, in January 2018, this had dropped to 1.6 million barrels per day. Venezuela was nevertheless the world’s 12th largest oil producer in 2017.

Among the causes of the fall in production are the PDVSA oil company’s financial problems, poor management, and the fact that qualified personnel in the oil sector have escaped the country. In August 2017, the United States imposed sanctions that also blocked PDVSA’s ability to raise new capital from the United States, including from the PDVSA’s US-based branch CITGO, which has also weakened the company.

The crisis has led to an acute shortage of foreign currency, which is important for servicing debt and buying goods from abroad. In December 2017, the state’s foreign exchange reserves were down to $ 9662 million, the lowest inventory in 21 years. Under Hugo Chávez and Nicolas Maduro, Venezuela has taken out large loans from Russia and China to keep the economy afloat. However, the exact scope and loan terms are unknown, but parts of the debt are paid for with oil supplies, and a large proportion of the oil produced contributes to servicing debt.

Venezuela’s most important export market was the United States in 2017, followed by India and China, and most of the imports come from the United States, China and Mexico.

Inflation and currency

Inflation in Venezuela passed 100 percent in 2015, and in 2017 it was estimated at 2,500 percent. In 2018, inflation was expected to be considerably higher; According to the IMF, it was at least 1.37 million percent, and other estimates go even higher. This means that a savings account containing $ 10,000 at the beginning of the year was worth less than one dollar at the end of the year. The government has tried to counteract the rise in prices by repeatedly raising the statutory minimum wage in recent years; as of November 2018, it was worth $ 9.50 on the black exchange market.

In an effort to combat inflation, the Bolivar currency was replaced in 2008 with Bolivar Fuertes (VEF) – “strong Bolivar”. For the same purpose, this ten years later, in August 2018, it was changed to bolívar soberano (VES) – “sovereign bolivar”, where one VES equals VEF 100,000. In February 2018, Venezuela, as the first country in the world, launched its own cryptocurrency, called petro (“oil” in Spanish). The value of the petro is linked to the country’s natural resource reserves. The purpose was to circumvent the effects of US sanctions and reduce the dependence on foreign currency, but most economists are skeptical of the project’s ability to succeed.

Economic sectors

Although then-President Hugo Chávez declared the country a socialist in 2005, Venezuela is a mixed economy, comprised of both state-owned, private-owned and cooperative enterprises. During Chávez’s reign, the state took over many companies, including telecommunications, transport, industry and finance. Many of these had been privatized in the 1990s. Several companies that have shut down production as a result of the economic crisis have also been turned into state-owned enterprises or cooperatives during Maduro’s reign.

Historically, the country has had several dominant family-based capital groups and companies, including the Cisnero family and the Mendoza family. The latter owns the food and beverage production conglomerate Empresas Polar, which is the largest privately owned company in Venezuela.

In recent years, Venezuela has not published detailed statistics on economic key figures. This, and general economic and social turbulence, makes it uncertain what the status of different economic sectors is. It is estimated that agriculture accounted for 4.7 percent of the economy in 2017, industry for 40.4 percent and services for 54.9 percent (CIA World Factbook). Unemployment was at 37 per cent in April 2016, the latest available official statistics. 40 percent of the workforce worked in the informal sector.

Historically, in addition to oil and gas products, the country has also manufactured industrial products, building materials, medical equipment and medicines, chemicals, and iron and steel. There are also many small, often family-owned, companies that produce for the local market (food and beverages, clothing and footwear, furniture, and more). The bulk of the industry is concentrated in the capital Caracas and Maracaibo area, and around the cities of Ciudad Guyana and Valencia (heavy industry).

Agricultural and food production

Due to the oil economy and high degree of urbanization, Venezuela’s agricultural production is strongly underdeveloped. Only about three percent of the area is cultivated, while around 20 percent is used for grazing. Most of the breeding takes place on the grasslands inland (Los Llanos). The most important agricultural areas are located on the coastal plain, where cocoa, bananas, sugar cane and rice are grown; higher up coffee, corn, wheat, cotton and tobacco. The country also produces vegetables, sorghum, maniacs, among others, milk, poultry and eggs.

Historically, land in Venezuela has been distributed to a few, but powerful, landowners. During Chávez’s reign, efforts were made to build up the degree of self-sufficiency in agriculture through the distribution of land to small farmers and extensive credit programs. This, according to FAO, led to a strong increase in the country’s agricultural production over several years. However, agricultural reforms were also characterized by high levels of political conflict and lack of political and financial follow-up over time. It also focused on building small-scale fishing along the coast, a sector that has historically been underdeveloped and dominated by industrial trawlers. Sardines (anchovetas) and tunaare the main fish species in addition to shrimp and mackerel.

Half of Venezuela’s territory is covered with forest; the largest forests in the Amazon region are difficult to access and have low utilization rates. The primary woods for harvesting are mahogany and cedar. In 2011, the forest sector accounted for 0.5 percent of GDP.

Non-renewable natural resources

Venezuela has the world’s largest proven oil and gas reserves. According to the Organization of Oil Producing Countries, which Venezuela co-founded in 1976, in 2017 the country had over 303 million barrels in proven oil reserves and 5707 trillion cubic meters of gas. Most of the oil reserves are in the form of extra heavy oil located in the southern Orinoco belt along and beyond the outlet of the Orinoco River. This heavy oil is both harder to extract and more expensive to refine than more thin-liquid oil. It is uncertain what proportion of the workforce is employed in the oil and gas industry, but historically it has been about one percent.

In addition to oil and gas, Venezuela is rich in natural resources such as iron ore and bauxite, as well as deposits of diamonds, gold, nickel, manganese, zinc, copper and scheelite. Large quantities of iron ore, bauxite and coal are extracted. The largest coal mines are located in Zulia in the northwest, and came into operation in 1987. Coal is used, among other things, in thermal power plants at Lake Maracaibo.

In 2016, the government redeveloped a huge land area southwest of the country into mineral extraction, a project called “National Strategic Development Zone Arco Minero del Orinoco” (Zona de Desarollo Estrategico Nacional Arco Minero del Orinoco). The area, which covers more than 111,000 square kilometers, spans the states of Bolívar, the Amazon and Delta Amacuro, making up over 12 percent of Venezuela’s territory. The area has large deposits of gold, bauxite, diamonds, iron and copper, among others. The project, which is led by the Venezuelan military and also involves contracts with foreign mining companies, has led to major protests because it is causing major environmental damage and involving the territories of indigenous groups. The mining economy is also characterized by illegal recovery, violence, crime and highly critical working conditions.

The banking sector

The Venezuelan state bank (Banco Central de Venezuela) was established in 1939. 31 banks operated in the country in 2018. A number of banks, several of them privatized in the 1990s, were acquired by the state during Hugo Chávez’s time as president.


Venezuela has largely been self-sufficient in electricity from hydropower and fossil fuels. The Guri dam in the Coroni River (Bolívar state), which is part of the Orinoco Delta, has a capacity of 10,300 megawatts, making it one of the world’s largest hydropower plants. Venezuela has had periodic electricity supply problems in recent years as a result of drought and lack of maintenance.

Transport and Communications

The road network is very well developed, and there are approximately 100,000 km of public roads, of which about a third are paved. The major highways include the highway connecting Caracas with Colombia (part of the Pan-American highway), the connection between Caracas and Ciudad Bolívar, and between Coro (on the coast) and La Ceiba (on Lake Maracaibo).

Venezuela has a limited rail network. Under Hugo Chávez, extensive investments were made in expanding the railway network, but due to the economic crisis most of the work has stopped. Existing lines are between Caracas and the satellite city of Cúa (opened in 2006), and between the port city of Puerto Cabello and the inland village of Barquisimeto (opened in 2014).

Caracas has had a subway (Metro de Caracas) since 1983. It is connected to several suburbs and satellite towns. Los Teques, Valencia and Maracaibo got subways in 2006. The country also has a large grid of long-distance buses.

Venezuela’s most important port cities are La Guaira near Caracas, the oil ports of Maracaibo and Puerto Cabello, and the port of Puerto Ordáz. Orinocoelva is navigable approximately 1600 km to Puerto Ayacucho at the border with Colombia, for seagoing vessels 400 km to Ciudad Bolívar, which is the port and commercial center of the inland. Shipping also operates on several of the bee rivers and on other waterways. Venezuela also has a trading fleet in international traffic.

With the large distances, air traffic plays a significant role for domestic transport. Venezuela has over 60 airports, including ten international. Largest is Simón Bolívar International Airport (popularly called Maiquetía) in the state of Vargas, near Caracas.

Uruguay Business

Uruguay Business

According to abbreviationfinder, UY is the 2 letter abbreviation for the country of Uruguay.


Uruguay is traditionally an agricultural country, mainly focused on livestock farming. Low world demand for the country’s export goods, mainly meat, and high interest rates led to reduced exports in the 1980s. This, together with the burdensome external debt, forced a comprehensive restructuring program in 1990 according to the World Bank’s recommendations. Economic problems in neighboring Brazil and Argentina further undermined the country’s economy.

In 2003, the government initiated a restructuring of the country’s spending and the economy recovered in subsequent years. A contributing reason for this was that the country’s meat exports, including to the US, increased again. Even during the international financial crisis, Uruguay fared better than many expected, and in 2010 economic growth was estimated at just over 8 percent. Since then, however, the growth rate has slowed down, much as a result of increased economic problems for neighboring countries, especially Argentina and Brazil. The country has had a traditionally liberal monetary policy, and the large private banking sector contributes about 20 percent to GDP.

Gross Domestic Product (GDP) of Uruguay


Although only 6% of GDP is agricultural products, rural areas are the dominant sector of the economy. Uruguay is part of the fertile pampas area, and its soil is particularly well suited for the cultivation of fodder plants and for livestock management, Uruguay’s traditional main industry. Of almost 85 percent of Uruguay’s land that is cultivable land, 3/4 is utilized as pasture land. Rice, wheat, maize, oilseeds and barley are grown on the cultivated land (8 percent of the area). Half of the export revenue comes from agricultural products. However, the proportion of labor employed in agriculture has gradually decreased (from 20 percent in 1965 to 13 percent in 2010), which indicates a relatively high productivity in the sector.

Minerals and energy

Uruguay has no economically significant mineral resources. There are coal, but it is of poor quality and expensive to extract. The country’s energy needs are met by imported fossil fuels, which are refined inland, but above all by water energy, which is extracted from dams along the Uruguay River and Río Negro. As a small country with a small industry, Uruguay has become a net exporter of commercial energy (almost 1/3 is exported annually).


Uruguay’s industrial sector is small; it accounts for 24 percent of GDP and employs 14 percent of the labor force. For the main production, the industry that processes agricultural products is responsible for, for example, food, textiles, tobacco and shoes. Oil derivatives, chemical products and transport equipment are also manufactured. Programs to replace imports with domestic production favored industry growth until the 1970s, but were replaced by a decline in a more export-oriented model.

Foreign trade

According to Countryaah, Uruguay is traditionally sensitive to demand in the major neighboring countries Argentina and Brazil. Since 1991, Uruguay, together with these, has also been a member of the Mercosur Customs Union, which also includes Paraguay. Main export products are meat, soybeans and cellulose. The increased economic openness with liberalized trade conditions during the 20th century has increased imports and thus the trade deficit.

Tourism and gastronomy

Uruguay is primarily a vacation destination for South Americans. The largest group of the country’s 1.4 million yearly tourists are Argentinians.

The selection of seaside resorts is large. The finely restored small town of Colonia del Sacramento has a well-preserved settlement from the 18th and 19th centuries, city walls, baroque churches and (small) monumental buildings; the city is listed on UNESCO’s World Heritage List. Upstream of the Uruguay River there are a few more colonial cities. There are also the ruins of a Jesuit plant. The capital Montevideo has a number of interesting museums, as well as a large selection of hotels and restaurants.

The food in Uruguay is very similar to that in Argentina and Paraguay, that is, the meat dominates the table altogether. The many barbecue restaurants serve asado (grilled meat), usually with salad and potatoes as an accessory. The country produces good and well-seasoned sausages (chorizos, morcillas, salchichas); The blood sausage morcilla dulce is seasoned with orange and walnuts. Another specialty is mondongo, tripes with beef tomatoes, peppers and chickpeas.

The sea offers many dishes, such as shark (cazón), octopus and mussels. Often the fish becomes a mustard stew (muqueca de peixe). On the streets, fast food is sold in the form of, for example, the media luna mixters, small puff pastry pies with cheese and ham. Common desserts include chajá, jam balls with jam and cream, and massini (a creamy, soft cake).

Suriname Business

Suriname Business

According to abbreviationfinder, SR is the 2 letter abbreviation for the country of Suriname.

Economic policy has tended to be so expansionist that it has led to large deficits in the state budget and balance of payments and high inflation (23.8% in 2003). A more restrictive and liberalizing policy was attempted from 1993, but it had to be partially abandoned after a while.

In 2004, agriculture (including forestry and fishing) contributed 6.9% of GDP and employed 8% of the working population. Only 0.5% of the land area is cultivated, mainly in the coastal areas in the north. The inner parts are difficult to access both for settlement and communications. The majority of the area is used for rice cultivation. Rice is the country’s most important agricultural product and today contributes with approx. 10% of export revenue. Otherwise, various types of citrus fruits, bananas, vegetables, sugar cane, corn coconuts, manioc and other are grown in 2004, after two years of exports of bananas resumed. Some livestock are kept: cattle, sheep and goats, pigs and poultry.

Gross Domestic Product (GDP) of Suriname

According to countryaah, over 80% of the land is covered by forests, but the forest is difficult to access and is not usable. Almost all felling is processed, such as wood pulp, building timber or veneer sheets.

Shrimp fishing is important, and shrimp exports currently amount to approx. 10% of the country’s export value.

Bauxite is the country’s most important mineral, and is mainly mined in the Marowijne district in the east. Production was 4.2 million tonnes in 2003, and is controlled by American and Dutch companies. Iron ore, manganese and copper are also extracted, and there are unexplained deposits of platinum and kaolin. In the country’s central, eastern parts there are large deposits of gold. In Saramacca and Tambaredjo, both west of Paramaribo, oil discoveries have been made. Crude oil production has risen sharply over the past decade. Almost half goes to exports, most of which goes to the country’s aluminum industry. Suriname has great potential for hydropower.

Beyond the aluminum industry, which utilizes the country’s deposits of bauxite, the industry is relatively poorly developed. Most of the rest of the industry has an emphasis on the food and beverage industry (juice, margarine, frozen shrimp, tobacco, etc.), the clothing industry (footwear) and sawmill. The industrial sector today contributes 23.7% of GDP and employs 11% of the working population.

The service sector contributes 55% of GDP and 64% of employment.

Foreign Trade

Just over half of the export value is alumina and aluminum. Otherwise export of gold, shrimp and fish. The largest recipient of the country’s exports is the US with 23% of the export value, Norway (19%) and the Netherlands (11%). Imports consist of crude oil, machinery and transport equipment, industrial finished goods and foodstuffs. Important countries of import are the United States (35%), the Netherlands (15%) and Trinidad and Tobago (12%).

Transport and Communications

The country’s road network mainly comprises coastal areas, and no main roads are built for the inner areas of the country. Therefore, navigable rivers and canals are important for the country’s transport and communication. Paramaribo is the largest and most important port city; International Airport (Johan Adolf Pengel, formerly Zanderij) 45 km from Paramaribo.

Rio de Janeiro Attractions and Tourist

Rio de Janeiro Attractions and Tourist

Attractions in Rio de Janeiro

No one should doubt that there are not enough sights and attractions in and near mighty Rio de Janeiro. As elsewhere in Brazil you will find fantastic scenery and beaches of course. But Rio also has culture and city, as well as one of the world’s most famous statues!

  • See AbbreviationFinder for commonly used abbreviation of city Rio de Janeiro, Brazil. Also includes meanings of the same acronym.

The Sugar Loaf
This famous spherical mountain crust, locally known as Pao de Acucar, is nearly 400 meters high and gives you breathtaking views of the entire city. You first take the gondola lane to the station at Morro da Urca and from there you can continue up to the top with the next lane. From here you can see Copacabana and Ipanema stretch for miles below you. Here you will find restaurants and cafes, souvenir shops and colonies of small monkeys.

The gondola train, which opened in 1912, runs from 1 p.m. 0800 in the morning until 7 p.m. 2200 in the evening [see picture first in article]. It costs approx. 90 kroner for a return ticket to the top. Children under five years drive free.

Cristo Redendor
The name may not tell you much, but Rio’s most common postcard motif is this 38-meter-high statue of Jesus with his outstretched arms on top of the over 700-meter Corcovado Mountain, just behind Copacabana. From here you have a fantastic view of the sugar peaks, the beaches, the city center and Maracana and the mountain ranges in the north. You can drive or take a taxi up here for approx. 200 NOK round trip or take the specially built train that runs every half hour from 10am. 0800 in the morning. The price is approx. 85 kroner, and the view is by far the best from the right side of the train. Read more.

Maracana Stadium
No trip to the footballers’ homeland is complete without a visit to one of the world’s largest stadiums, Maracana. During the 1950 World Cup finals (which Brazil, by the way, lost), it was rumored that around 200,000 spectators were seated at the stadium, but it has now been modified to approximately 97,000 seats. Attending a football match here is an experience for a European, who has doubtless experienced something similar. Here, the samba drums thunder for hours before the match, huge supporters’ flags are spread across the crowd, colored smoke bombs and Roman lights are burned off, and all the spectators seem to be in hysterical panic as the opposing team enters their halfway.

Maracana also has a museum which is open from 10am. 1100 a.m. to 3 p.m. 1700 Monday to Friday. Here is an interesting exhibition of objects from Brazil’s impressive football history. For more information, see the section Rio de Janeiro and sports.

Rio de Janeiro Botanical Garden is an over 140-acre site with six lakes and thousands of different plants and flowers, mainly from Brazil. It has its own Amazon branch. Here are several hiking trails and picnic areas that can tempt you when you want to get away from the crowds and find your own quiet, green corner. Bring mosquito spray!

Parque Nacional da Tijuca
If the botanical garden is too small and too organized, try the Tijuca Forest. This 3200-acre Atlantic Rainforest is home to hundreds of wildlife species, such as sloths, harvesters and monkeys. In addition, it has an extensive flora of sprawling fruit trees, a bustling bird life, waterfalls and caves. Tijuca has been a national park since 1861. Those with extra stamina can also enjoy the 1018 meter high Pico da Tijuca. The park opens at 2 p.m. 0700 and closes at sunset.

Teatro Municipal
This nearly 100-year-old theater is decorated with statues, huge gilded mirrors, stained-glass windows and candelabras. It is well worth experiencing whether you are going to see a show or just take a tour.

Museu Historico do Exercito e Forte de Copacabana
On the headland between Copacabana and Ipanema lies this fort, which was built in 1914 to defend the city against invaders from the sea. Here are weapons and cannon displays and a great view of the Copacabana.

Tourist in Rio de Janeiro

Rio de Janeiro has a number of tour operators to help you with a guided tour in and around the city. The reception at your hotel can certainly help you, or you can book online when you wish. Of course, it is quite possible and more affordable to visit all the attractions on your own, but if you are planning to visit a favela, we strongly recommend that you contact a serious tour operator.

Day 1 in Rio de Janeiro

Rio de Janeiro Attractions 2

Since you are definitely not going to take an early night, we recommend you have a late breakfast at the hotel before finding bus 500, 511 or 512 to Urca. From the bus stop you will see the lower mountain lift station which takes you 218 meters up on Morro da Urca. Take a look down at the Gulf of Guanabara before continuing on the next gondola lane to the top of the Sugar Loaf. From here you can enjoy the view of one of the most beautiful cities in the world. You are now 395 meters above sea level. Here you will find restaurants, souvenir shops, viewing binoculars and a colony of cute but exceptionally cheeky and thievery monkeys, so hold on. There are not a few tourists who have come to the local police station from small-town fliers to report that “a monkey got off with the passport and the Visa card.”

Take the bus back to Copacabana and get off at Avenida Princesa Isabel. From here you walk down to the world’s most famous beach, the four kilometer long Copacabana. Feel free to stop by and take advantage of the offers of the many sellers. Sunglasses, sunscreen, hammocks, beer, caipirinha, tattoos, fruits, strawberries, coconuts and barbecue are some of the offerings. Be careful about the extremely tempting and seemingly fresh seafood you are guaranteed to be offered; you have no idea how long it has been in the sun. But if you see that it has been recently cooked through, there is usually no danger.

At the end of the beach lies the nearly hundred-year-old fortress Forte de Copacabana, which today is a museum with exhibited weapons, cannons and pictures from the building’s active history. And the views of Copacabana beach are great too.

If you are looking for more fabulous views, take a taxi or bus to Rua Cosme Velho. Here you will find the Estacão da Estrada de Ferro Corcovado, the train station that brings you up on the Corcovado mountain. In the last paragraph you have to walk a steep staircase, but the rewards are worth it. As it starts to darken around you and the city lights go on, you stand beneath the 38-foot tall Jesus statue, Rios Protector, with an absolutely stunning view around you on all sides.

Take a taxi back to your hotel, get yourself a well-deserved shower, a breather and maybe a drink at the bar before it’s time to think about dinner, if it’s been late enough. Most restaurants do not fill up until about 10 pm on weekends. An old classic is Garota de Ipanema in Rua Prudente de Morais 49. This is where Jobim and Morais sat in the fifties when they wrote the now world famous song by the same name. It serves a large selection of Brazilian dishes as well as pizza and pasta, if you prefer. When you are good and satisfied, you can visit bars and clubs nearby.

Day 2 in Rio de Janeiro

Rio de Janeiro Attractions

After another late breakfast, you might want to spend a few hours sunbathing on the nearest beach? Or maybe you want to take a closer look at the cultural sights of Rio de Janeiro’s old neighborhoods? Within a relatively small area of ​​the city center you will find buildings and sights such as the National Library, the Art Gallery of the Museo Nacional de Belas Artes and the Opera and Concert Hall Teatro Municipal. Also visit the huge cathedral of the city, the monastery Mosteiro de São Bento, and the Baroque / Renaissance church Nossa Senhora de Candelària.

Samba and football are perhaps the first thing most people think of when they hear the name Rio de Janeiro, and both have their own museums near the downtown areas. Sambódromo is the huge passage through which carnival parades pass, and here you also find the Museu do Carnaval. Maracana football stadium should preferably be visited in connection with a match, but if it is not a Sunday in the season, you can still visit the corresponding sports museum, which is open from. 1100 a.m. to 3 p.m. 1700 Monday to Friday. Here you will find all the trophies Brazil has won, Pele’s football jersey and flags and photographs from the country’s unique football history.

When the evening comes, it’s time to try another Brazilian restaurant. At Leme, in the northeastern part of Copacabana, you will find Restaurante Shirley, which specializes in all kinds of seafood, both fish, clams, squid and lobster, at reasonable prices.

Another highly respected meat and seafood restaurant is Mariu’s Degustare a few hundred meters further east, almost at the end of the beach. The address is Off. Atlântica, 290. This is a churrascaria restaurant where you can eat as much as you want for less than 200 kroner.

Afterwards you might want to drink an ice cold beer at the beach? Close to these two restaurants are several local pub chains and which is very popular with the local residents. There it is cramped and noisy, and maybe not the place you take your grandmother with, but it is very Brazilian!

Peru Business

Peru Business

According to abbreviationfinder, PE is the 2 letter abbreviation for the country of Peru.


Following a crisis in the 1980s, a rigorous stabilization and restructuring program was introduced during the 1990s with comprehensive economic reforms, such as the privatization of virtually all state-owned companies, liberalization of markets, creation of a freer and safer investment climate, investment in export-led growth and wide opening. to the outside world. The result was a dramatic reduction in inflation and at times high growth rates, but also great instability and a sharp increase in unemployment and the informal sector. During the 1990s, the economy has stabilized and GDP has continued to grow. Since the mid-1990s, unemployment has also decreased slightly. It is mainly the mining industry that is the dynamic sector in the business sector, followed by construction as well as agriculture and fishing.

Gross Domestic Product (GDP) of Peru


About half of Peru’s agricultural land is located in the Andean highlands, where cultivation of maize and potatoes for self-sufficiency dominates, but large-scale livestock farming also occurs.

Commercial and export-oriented agriculture is mainly conducted on the coast and in the rainforest area, including coffee and tea for the domestic market. On the eastern slopes of the Andes are also grown the coca bush, whose leaves are a traditional stimulant but also used for the production of cocaine. Cocoa cultivation is important for poor small farmers but varies widely; legal cultivation covers about 100,000 ha.

The restructuring policy in the 1990s meant that export crops and large farming units were favored while traditional small farms were disadvantaged. At the same time, fruits and vegetables, especially asparagus, have tended to replace Peru’s traditional export crops of sugar cane and cotton.

Peru is particularly exposed to El Niño, which causes drought in some regions and floods in others.


The eastern slopes of the Andes and the adjacent rainforest region in the east make up over 60 percent of the land area and have a huge yet unexploited timber resource.

Primarily, the forest is used as fuel, and the timber extracted goes to domestic consumption, among other things. in the form of wood for the construction industry, furniture manufacture and pulp. The timber resources in the east have as the only transport route the river system via Iquitos and further down the Amazon to the Atlantic.


From being of little significance in the early 1950s, Peru’s fishing expanded to become one of the world’s largest in 1970. Subsequently, it declined as a result of overfishing. Measures were taken to allow a recovery to occur. with a closed season. Catches are highly dependent on cold bottom water rising up to the surface, which increases food availability and attracts fish hours. The ocean phenomenon of El Niño has repeatedly disturbed this, which has led to catastrophic fishing seasons. The fishing industry is mainly dependent on anchoveta for the production of animal feed and fertilizer. In order to broaden the catch base, large quantities of sardines, shrimp and mackerel fish are now also being fished.


Peru has rich mineral resources, ties other gold, copper, zinc, silver, lead, tin and iron, and is one of the world’s leading producers and exporters of several minerals. In the early 1990s, the mining industry was in crisis, partly as a result of high tax cuts in previous decades, but the state managed to revitalize the sector by opening up for foreign investment. The mining industry contributes about 7 percent to GDP and together with the oil industry accounts for about 60 percent of the country’s export income. The industry is dominated by a few large companies, but there are also about 40 medium-sized and 500 small companies that account for 30 percent of production and a significant portion of exports. In 2002, operations began in Antamina, one of the world’s largest copper and zinc deposits.

After the stagnation of the 1980s, the oil sector also expanded during the 1990s. The former state oil sector underwent extensive privatizations during the 1990s. Oil is extracted in the northern coastal area, on the continental shelf and in the increasingly dominant eastern rainforest region. During the 1980s, large natural gas resources were discovered in eastern Peru, and in 2004 natural gas began to be extracted in the southern parts of the country.


Peru has large energy resources in the form of fossil fuels. In addition to oil, there are also large natural gas deposits in eastern and southern Peru. The southern gas fields have been linked to Lima via a pipeline across the mountain range.

The height differences of the Andes and the water-rich rivers offer the possibility of great expansion of water energy. One problem, however, is the poorly developed infrastructure, which means that about 5 million Peruvians do not have access to the electricity grid. Although only a small part of the country’s potential water energy is developed, it covers 70 percent of the country’s electricity needs.


For a long time, the mining industry is Peru’s most important industry. Primarily, copper is refined. Lead, silver, zinc and iron are usually exported as raw materials. The manufacturing industry’s share of GDP has fallen from around 20 percent in the mid-1990s to just under 15 per cent in 2015, mainly due to increased competition from abroad following liberalization of trade policy. The industry, which is concentrated in the metropolitan area, is primarily based on raw materials extracted or produced in the country, such as the refining of minerals, petroleum, agricultural products and fish.

Foreign trade

Due to deregulation and an overvalued currency, imports gradually increased during the 1990s, leading to large trade and current account deficits. It was not until 2002 that the country – for the first time in twelve years – could show a trade surplus. Peru has subsequently had a positive trade balance. Exports are dominated by raw materials such as minerals and agricultural products. According to Countryaah, China and the United States are by far the country’s most important trading partners. On the import side, Brazil is also important and on the export side Switzerland.

Tourism and gastronomy

Peru is one of South America’s foremost tourist countries. In 2015, the country was visited by 3.5 million tourists, and tourism contributes about 10 percent to both GDP and employment. The country has several major tourist destinations such as the cities of Lima and Cuzco, the city of Machu Picchu and the highlands including Lake Titicaca.

The capital of Lima gives a contradictory impression, with stately churches and palaces from the colonial era and several internationally renowned museums with collections from the country’s rich ancient American cultures, but also with a rather declining urban environment and worn suburbs. In the area north of Lima there are remains of the ruins of the high cultures, such as Chavín de Huántar, and several of the coastal cities have interesting colonial architecture.

In the highlands, the historic heart of Peru, is the city of Cuzco 3 400 m above sea level, with churches and monasteries from the Renaissance and Baroque, in several cases on pedestals from the Inca of artificially joined boulders without masonry or joints. On the heights of the city are the Inca temples with breathtaking views of the landscape.

The big destination, however, is Machu Picchu, the rediscovered inner city with ruins of temples, palaces and residences, about 70 km northwest of Cuzco. A narrow-gauge railway leads there, but you can also hike along the inca trail, which also passes other interesting ancient sites. Hiking in these areas also provides interesting experiences of the rich bird and plant life.

From Cuzco you can also take a train across the Andean plateau to Puno and Lake Titicaca, where you can visit villages that float on the reeds off the beach. In the south is Nazca with strange giant figures and symbols commissioned as huge contours of the landscape, and in the south-east of the country lies Manú National Park with large predators, tapirs and rare birds.

Many features from Ancient American times remain in Peruvian cuisine, which usually has a fairly strong seasoning. The Inca Indians and even their predecessors cultivated a large number of different potato varieties, and the potato is still today the main ingredient in many dishes. Mixtures of a variety of ingredients are a feature of the country, the preference for thick chupes, eggs and milk products another.

The herb palillo is used extensively to give the dishes an appealing yellow color. Meat (chicken, pork or goat meat in combination with corn and potatoes) is often cooked in an oven. A specialty for the country is spit with spicy ox or calf hearts, anticucho. Along the coast there are countless varieties of ceviche, raw marinated fish with lime, onions, tomatoes and corn.

Maíz morado is a purple-colored form of corn, which is used for, among other things, desserts. Otherwise, the desserts are usually based on milk, eggs, almonds, nuts and spices. The Nougat (turrón) is famous. For food you can drink wines from the Ica region south of Lima, or also the light beer from Lima, Cuzco or Arequipa. The Indian corn beer chicha can be treacherous due to high alcohol content. The wine growers also make a grape brandy, pisco, which is an important ingredient in drinks.

Paraguay Business

Paraguay Business

According to abbreviationfinder, PY is the 2 letter abbreviation for the country of Paraguay.

Paraguay is a developing country with agriculture, trade and light industry as the main trade routes. Much of the economic activity in the country takes place on an informal basis. Among other things, poor border control and corruption makes re-export of consumer goods an attractive business for many. Because of the large, informal sector, the real economic activity in the country is therefore difficult to measure. It is assumed that service industries in 2013 accounted for approx. 61.9% of GDP, small scale industry for 17.7% and agriculture for 20.4%.

Paraguay’s economy grew rapidly in the period 2003-2008. Strong dependence on export goods from the agricultural sector, poor crops and a decline in world market demand led to economic downturns in 2008–2009. A 13% growth in GDP in 2010 and 12% in 2013 has made Paraguay one of the fastest growing economies in South America. However, high political instability and corruption are two of several important factors that threaten long-term economic stability and growth.

Gross Domestic Product (GDP) of Paraguay

Agriculture, forestry

As one of the most rural countries in South America, agriculture has been fundamental to Paraguay’s economic development, and remains the mainstay of the country’s economy today. As of 2013, agriculture (incl. Forestry and fishing) employed approx. 26.5% of the working population contributed 20.4% of the gross domestic product (GDP).

For the country’s poor in rural areas, subsistence agriculture is the only way of life, while for large landowners, exports of agricultural products such as meat, maize, grain and especially soy have created great wealth. Paraguay’s significant economic growth since 2010 is mainly due to increased exports of these agricultural commodities. For example, soy alone accounted for 40% of export revenue in 2012.

At the same time, the importance of agriculture in the country is constantly creating political unrest. Among other things, the extreme distortion of land is a recurring theme, where marginalized small farmers demand land reform. As of 2012, 2% of landowners controlled 80% of the total agricultural area.

The best agricultural areas are in the east. Large quantities of soybeans, cotton, sugar cane, cassava, wheat and corn are produced here. As of 2013, Paraguay was the fourth largest soy producer in the world. Animal husbandry, essentially cattle and pigs, is also important. On overcrowded small farms in the southeast, manioc, corn, sugar cane and sweet potatoes are grown, mostly for their own use. In the east, there is mainly extensive animal husbandry.

It is not until the 1970s that forestry has been run to any great extent. Then considerable logging work started, also to increase agricultural land in the east. For a while there has been a harvest ban for some species of wood, and an order for new forestry to maintain forest resources, but there is some significant illegal forestry and export. Alongside timber and the quebracho tannery, wood oil is also extracted from the coyol palm.

Mining, energy

Paraguay has been self-supplied with electricity since 1976, and exports electrical power to Brazil and Argentina. Electricity production came to 51.5 billion kWh in 1999, almost exclusively from hydropower as an energy source. In 1999, the country exported 46 billion kWh.

Industry, energy

The industry is largely based on the processing of raw materials from agriculture and forestry, and employs 18.5% (2013) of the working population. In 2002, the industrial sector contributed 26% of GDP, compared with 17.7% in 2013. Expected growth rate in the coming years is an average of 3.7% per year.

The food industry is based on the processing of agricultural products in slaughterhouses and oil mills, in particular the processing of soybeans. In addition, there are textile, soap, cigarette and shoe industries as well as cement mills and sawmills. Most of the industrial production takes place in small and medium-sized enterprises.

Paraguay, in collaboration with Brazil, built the Itaipú dam, which is the world’s second-largest hydropower plant measured in hydropower production. Only the Three Gorges dam in China has greater production. Paraguay is almost 100% self-sufficient in hydropower.

Foreign Trade

According to Countryaah, Paraguay traditionally has a trade deficit with foreign countries. In 2001, the import value was USD 3077 million, the export value USD 1237 million. The main export products are various oilseeds, especially soybeans, cotton, timber, timber and meat products. Among other things, it imports machinery and transport equipment, fuels, chemicals, pharmaceuticals, etc. Traditionally, Brazil has been the most important trading partner. Other important trading countries are the USA, Japan, the Netherlands and Argentina.

Transport and Communications

The rivers of Paraguay and Paraná account for most of the transport of merchandise. In particular, Paraguay, which forms a 1260 km long axis through the country in the north-south direction, is of great importance, and over Paranás 1630 km through Argentina to Buenos Aires, most of Paraguay’s foreign trade goes. The Pan-American Highway goes approx. 700 km inland, and another main road (Trans-Chaco) leads from Asuncion to Bolivia. A large part of the road network is without a fixed tire. An international airport is located at the capital Asuncion, and from 1996 also at Ciudad del Este, at the southern end of the Itaipud dam.

Guyana Business

Guyana Business

According to abbreviationfinder, GY is the 2 letter abbreviation for the country of Guyana.


During the 1970s, large parts of Guyana’s business were nationalized, such as the mining and sugar industries that dominated for many years. However, economic problems in the form of rising oil prices and falling bauxite and sugar prices led to the country facing economic collapse in the late 1980s.

In 1989, a reform program was devised to privatize business and encourage foreign investment. Despite some sluggishness in the reform work, the economy improved, and growth increased during the 1990s. During the 00s, the positive development continued, mainly due to high world market prices for the country’s export goods. In 2005, the country was hit by floods that caused major damage to agriculture.

Gross Domestic Product (GDP) of Guyana


Only 2 percent of the land area is cultivated, but agriculture still accounts for 19 percent of employment and 40 percent of exports through the two most important crops, sugar and rice. Agriculture is fairly mechanized. Sugar accounts for almost 30 percent of the country’s exports and is grown mainly on large plantations, while rice predominates on small family farms. Otherwise, the most important products are poultry, coconuts, fruits and vegetables. About 5 percent of the area is pasture, which is used for breeding cattle, sheep and pigs.

Minerals, energy and industry

For many years, bauxite was the most important mineral resource. Despite a significant reduction in production in the 1980s and 1990s, it still forms the basis for large parts of the industry. In addition, during the late 00s, some recovery of bauxite production could be noticed. The most important mining areas are around Linden and in the vicinity of Kwakwani, about 60 km southeast of Linden, on the Barbice River. Since the mid-1990s, gold production has grown significantly in importance and now gold accounts for a large part of export earnings. Until the mid-1990s, gold mining was conducted by large companies, but now it is often run by small and medium-sized companies or by individual gold miners. Diamond production is also important.

The rich water energy resources in the country’s interior are only used to a small extent, but are nevertheless of great importance for electricity generation and the mineral industry. However, most of the energy consumption is covered by imports of oil and oil products (these imports correspond to almost half of total imports).

In 2013, the industry (including the mining and energy industry) accounted for 38 percent of GDP. The bauxite industry dominates, but there are also lighter industries that process agricultural products, such as breweries, tobacco industries and rum manufacturers.

Foreign trade

The country normally has a trade deficit. According to Countryaah, the most important export goods are gold, sugar, rice and bauxite. Most of the imports consist of machinery and other industrial products as well as oil products. The most important trading partners are the United States and Canada, as well as Trinidad and Tobago.

Tourism and gastronomy

Until the 1990s, tourism played a minor role in Guyana. In addition to being in the capital Georgetown, hotels and tourist facilities were few, transport opportunities were limited and the authorities’ interest in tourism as a source of income was minimal. Conditions have slowly changed, and a development of the tourism industry has taken place. During the 2000s, the number of tourists has slowly increased, and in 2012 the country was visited by 177,000 tourists.

However, bathing vacations or other mass tourism are not relevant, but they mainly focus on so-called ecotourism and adventure trips to the country’s inner parts. There is a rare rich plant and animal life and an exciting nature with, among other things, original rainforests, peculiar plateau mountains, numerous rivers and waterfalls. The Kaieteurfall, with a vertical fall of 226 meters and just over 90 meters wide, is considered one of the world’s most impressive waterfalls. It is surrounded by unspoilt nature in the middle part of the country.

Rice, cassava, coconut, vegetables and fruits, poultry, shrimp, crabs and fish are the main ingredients of a food culture influenced by Creole cuisine, as well as Indian, Native American, Indonesian, African and British cuisine. Genuinely native dishes such as stew on belts or grilled capy bar are still available, as are cassava bars, cassava juice used to flavor pots on mainly chicken meat.

Ecuador Business

Ecuador Business

According to abbreviationfinder, EC is the 2 letter abbreviation for the country of Ecuador.


Despite rich resources, Ecuador is a relatively poor country. The country’s economy is highly dependent on a few export goods (oil and bananas) and therefore very sensitive to changes in the world market price of these.

In the 1970s, oil recovery replaced agriculture as the most economically important sector; oil now accounts for half of the country’s export revenue. However, despite the fact that agriculture’s importance for both GDP and employment has decreased, banana exports still represent an important source of income.

The country’s very strong economic upswing during the 1970s was dampened in the 1980s and 1990s. During the 00s, oil revenues have risen and the country’s economy has stabilized somewhat. Rafael Correa, who assumed office in 2007, has implemented increased state involvement in key industries such as the oil and mining industry.

The country has on many occasions been affected by natural disasters; An earthquake in 1987 destroyed the oil lines, and the hot water stream El Niño periodically causes weather disasters that adversely affect both agriculture and fishing.

Gross Domestic Product (GDP) of Ecuador

Agriculture and forestry

Although agricultural products are a declining part of the country’s exports, the agricultural industry is still an important industry. About 9 percent of the area is cultivated. The land is mainly used as haciendas, mainly in the coastal area but also in the highlands, or in very small units (often less than 1 ha) by Native American small farmers in the mountainous regions. This extreme distribution of ownership does not promote a rational agricultural operation, but the attempts at land reform have so far been unsuccessful.

In the western lowland area, La Costa, and up towards the slopes of the Andes, an export-oriented agriculture is conducted with the cultivation of bananas, coffee and cocoa. Ecuador is one of the world’s largest exporters of bananas. Previously, cocoa was the most important export crop, but was overrun by bananas after the Second World War. Some of the crops are now being replaced by oil palm trees, while new banana crops are being taken up in other areas. Other crops in the coastal area are sugar cane and rice, which largely go to domestic consumption.

In central Ecuador’s mountain areas, La Sierra, agriculture is largely conducted for self-catering and for sale on the local market. Mainly, potatoes, maize, wheat and other cereals are grown as well as beans and various vegetables. The soil is of volcanic origin and highly erosion sensitive. Extensive pasture features the large alpine grass steppes, páramos. Dairy management also exists around the larger resorts, mainly Quito.

In the most sparsely populated eastern lowland area, El Oriente, which is mainly covered by tropical rainforest, agriculture has only local importance.

Although almost half of Ecuador’s area is forested, forestry plays little role. The richness of the forests in combination with difficult transport conditions has prevented forest exploitation. However, Ecuador is one of the world’s largest exporters of balsa wood.


The fishing industry has become increasingly important in recent decades. The cold and nutritious Humboldt stream provides rich fishing waters off the coast of Ecuador and around the Galápagos Islands. Mostly, sardines and anchoveta are caught, which are, however, partly used for fishmeal. Furthermore, tuna. To protect fisheries, Ecuador has expanded its economic zone to 200 nautical miles (370 km). In the Bay of Guayaquil, large seafood (shrimp) cultivations are conducted.

Minerals and energy

Apart from some gold, mineral extraction is insignificant. Minor deposits of silver, copper and iron are available. Oil is the country’s most economically important asset. At Santa Elena in the west, oil has been mined since 1917, and there is also a refinery here. Following oil discoveries in 1967 in the northern part of El Oriente, oil pipelines were built to the coast. Oil has subsequently been Ecuador’s most important source of income. The country joined OPEC in 1974. New oil discoveries have later been made both in El Oriente and in the coastal zone and refineries have been built. Furthermore, the country has a partnership with Venezuela that refines Ecuadorian oil. Large deposits of natural gas exist, including in the Gulf of Guayaquil.

The electricity supply, which has been greatly expanded, has largely been based on thermal power plants. However, the country has great water energy resources, especially in the Andes slopes towards the Amazon basin. Large extensions have been planned. East of Cuenca, for example, the Paute project has been realized. The country’s electricity production is now only half based on oil, but the energy supply is drawn with major problems, partly due to lack of maintenance of the hydroelectric power stations.


Since Ecuador became an oil exporting state in 1972, the new revenue has been partially used to promote the country’s industry. However, the strong development of the 1970s ceased during the 1980s, and the industry still plays a relatively limited role in Ecuador, although some recovery took place during the 1990s and 00s. It accounts for just over 20 percent of employment.

Most important is the textile and food industry, which mainly works for the domestic market and includes sugar refineries, mills, breweries and canning factories. Textile manufacturing has always been of great importance in the country. It is partly run in artisanal form and has its main focus in Quito, Ambato (central Ecuador) and Otavalo (northern Ecuador). Other products are shoes, (Panama) hats, ceramics and construction products.

The oil-related industry has the greatest economic significance. A major expansion has been initiated, both by oil refineries and by the petrochemical industry. With the exception of these two sectors, Ecuador’s industries are highly concentrated in Guayaquil and Quito. The government’s various attempts to achieve a more widespread location have not been successful.

Foreign trade

For Ecuador’s economy, foreign trade plays a significant role. According to Countryaah, the country’s export goods are often subject to large variations in price levels, which makes financial planning difficult. The export of oil and oil products usually accounts for more than half of export earnings. The rest comes mainly from bananas, coffee and other agricultural products as well as from fish and fishery products. The majority of exports go to the United States. Imports come primarily from the US, China and Colombia and consist of machinery, fuel and chemical products, among others.

As a rule, Ecuador has had a positive trade balance, but after the restructuring program began in 1991 and thus increased imports, the trade balance has deteriorated. Interest and repayments to the rising external debt also take up an increasing share of export earnings. After oil exports, tourism provides the largest inflow of foreign currency.


Ecuador is one of the most popular tourist destinations in South America, and tourism has become one of the country’s most important sources of income. Usually, the country is visited by just over 1 million tourists a year.

If you want to experience Ecuador at all, you should visit both the coastal country and the highlands. The city of Guayaquil is warm and humid; one day, however, it might be enough to experience the atmosphere on the main streets, lined by the banks ‘and trading houses’ turn of the century architecture.

Landslides have now made it impossible for the classic journey by narrow-gauge railway up the mountains to Quito. The cityscape in the central parts of the capital is characterized by lavishly decorated Baroque churches and, above all, by the closed environments of the vast monastery. In the city there are outstanding collections of pre-Columbian arts and crafts.

From Quito you can make interesting excursions. to the market for Native American handicraft in Otavalo, which also provides the opportunity to study the diverse folk life. On the way there, the equator is passed, marked by two monuments, one older, misplaced, and one later with more precise location. To the south you reach a magnificent landscape with large, snow-capped volcanic mountains.

A unique tourist destination is the Galápagos Islands, with giant turtles, large lizards and an interesting bird life; the islands form a national park and the number of visitors is limited for ecological reasons. Since 1978, both the Galápagos Islands and Quito have been included on the UNESCO World Heritage List.

Colombia Business

Colombia Business

According to abbreviationfinder, CO is the 2 letter abbreviation for the country of Colombia.

Like most other Latin American countries, Colombia has since 1989 liberalized its economic policy through free trade agreements with neighboring countries, facilitating foreign capital and a more and more market-oriented domestic policy. Expanding oil recovery and some diversification of business have to some extent limited the social costs of this economic policy.

According to countryaah, agriculture is the main trade route with coffee as the dominant crop, but the industry has expanded greatly since 1940. The country has rich biological, mineral and energy resources that are not fully utilized. Gross domestic product (GDP) grew by 1.6% per year in fixed prices in the period 1994–2002; Growth has stagnated from around 1980, partly as a result of falling coffee prices. At the same time, the “black” economy has grown in scale, especially the illegal trade in marijuana and cocaine. GDP per capita in 2003 was estimated at approx. 6300 USD.

Gross Domestic Product (GDP) of Colombia


Agriculture, forestry and fishing employ approx. 25% of the working population. About 5% of the land is cultivated land; almost 40% is considered to be pasture. Coffee is the main crop. Colombia is the world’s second largest coffee producer, after Brazil. Production shows large annual fluctuations, but in recent years has been around 800,000 tonnes a year. The best coffee is grown in temperate areas between 1300 and 2000 meters above sea level. The most important areas of cultivation are the provinces of Antioquia and Caldas. Other important agricultural crops are sugar cane and cotton grown on large plantations in the Caucadale, coastal bananas and tobacco and cocoa. For their own consumption, corn and potatoes in the highlands, and rice around the lower reaches of Río Magdalena. Marijuana and cocaine are illegally grown in large areas. In the eastern lowlands, near the foot of the mountains, in Colombia’s Wild West,

Agricultural productivity is consistently low. The average farmer lacks working capital, machinery and fertilizers. Productivity is further hampered by the very uneven distribution of the soil. Except for the coffee-producing area, where the uses are generally small, most of the land is collected in large goods (latifundios), which are owned by a small number of families. Most of the country’s farmers live on small farms (minifundios), which are rarely larger than 20 acres, or are without owners.


Forests cover half of the country’s area. The rich forest resources have only been used to a limited extent, among other things. because of the difficult transport conditions. However, forestry is under development, both in the country’s eastern parts (the Amazon) and along the Pacific coast.


The fishing along the coasts is little developed and is run by relatively outdated methods. The fishing resources, especially along the Pacific coast, are likely to be large, and there is some fishing for shellfish and tuna. In catch quantity, however, inland fishing plays the biggest role.


Colombia has significant mineral resources. Most important are the deposits of petroleum; the most important fields are at Barrancabermeja (De Mares), close to the border with Venezuela (Río Zulia) and to the south of the country (Orito/Puerto Colón). The oil is mainly used for domestic consumption and covers most of the country’s needs. Natural gas is extracted in the Río Magdalena delta. Colombia has the largest coal reserves in South America. The country is also the second largest producer of gold in South America (after Brazil), and a significant producer of platinum, silver, emeralds and manganese. Iron ore is mined in the provinces of Cundinamarca and Boyacá; salt extraction takes place under state control at Zipaquirá just north of Bogotá. In addition, there are deposits of lead, zinc, copper, nickel and uranium.


The country has significant hydropower resources. Hydroelectricity is strongly developed, and in 2014 accounted for 69.5 percent of the generation of electrical energy, compared with 17 percent in 1960. Heat power plants accounted for 29.6 percent of the electricity production. The country is self-sufficient with coal and petroleum. The final consumption of electrical energy in 2016 was estimated at 1444 kWh per inhabitant.


The industry was developed strongly after the Second World War, and today stands at approx. 20% of employment (incl. Mining) and 30% of gross domestic product (GDP). Production is mainly concentrated in the four largest cities: Bogotá, Medellín, Cali and Barranquilla. The main industrial sectors are the food and beverage industry (Bogotá), the textile industry (Medellín) and the transport industry. The heavy industry is developing. Iron and steel mills can be found in the Paz de Río in the metropolitan area and in Medellín. The chemical industry is extensive; petrochemical plants can be found in Barrancabermeja, Cali, La Dorada, Guamo and Tumaco.

Foreign Trade

According to Countryaah, coffee is the absolute dominant export commodity and the country is very vulnerable to world coffee prices. Other export products include bananas, cut flowers, petroleum products, clothing and textiles. Unofficially, the export value of cocaine exceeded the total legal export value. Important import goods are machinery, transport equipment and chemicals. The United States is the most important trading country.

Transport and Communications

The mountains create great difficulties for transport, construction of roads and railways is expensive, and aircraft are important means of transport for longer distances. The railways are narrow-gauge (914 mm) and are state-owned. They have a total length of approx. 3000 km; The most important line is the Bogotá-Buenaventura Pacific Railway. The newest line, which links the interior of the country to the Caribbean port city of Santa Marta via the Magdalena Valley, was completed in 1961.

The road network has a total length of approx. 115 000 km; only a minor part has fixed cover. The main road network consists of three north-south axes, and connects most major cities and towns.

Río Magdalena is an important road wound. It is navigable for a length of approx. 1500 km to Honda. However, river traffic is hindered by low water levels during the drying period. The main port cities are Buenaventura and Tumaco on the Pacific, and Santa Marta, Barranquilla and Cartagena on the Caribbean. An ore harbor for shipping coal from El Cerrejón can be found at Bahía de Portete on the Guajira Peninsula.

Chile Business

Chile Business

According to abbreviationfinder, CI is the 2 letter abbreviation for the country of Chile.


In Chile, there is a partly extreme market economy, combined with some state enterprise. The military regime returned the activities of the Allende government socialized into private ownership. Private investment, especially of foreign capital, has been encouraged in order to build up capital-intensive industries and develop the mining sector. Since the mid-1980s, the country’s economy has shown stable growth.

Chile has emerged as an economic pattern country: growth is steady, exports are rising, investments are high, inflation is under control and the cost share of external debt is falling. One of the few worrying clouds is the country’s great dependence on copper exports. Certainly, copper exports’ share of the 1970-96 export value decreased from 88 to 40 percent, but the great dependence makes the country sensitive to changes in the world market price. Chile was reminded of this in 1997-98 when the economic crisis in Asia had a negative impact on the country’s economy.

Gross Domestic Product (GDP) of Chile


Half of the country’s total area is unusable for the arable industries (agriculture, forestry and livestock management). About 12 percent of Chile is covered by forest, 16 percent is utilized as meadow and pasture land and just over 6 percent is cultivated land. The economic-political situation of the last few decades has meant very different conditions for agriculture as an industry. Agriculture is of great importance for employment and partly also for the country’s exports (fruit, grapes), but it has generally been conducted inefficiently in both large goods and small farms.

In the northern parts of the country there are irrigated oasis cultures. Otherwise, agriculture is highly concentrated in the fertile long valley of central Chile. In the part of this area that has a Mediterranean climate, grapes, fruits and vegetables and maize and rice are grown. Further south, where the climate is more temperate, large quantities of wheat are produced, but also other cereals and sugar beets. Animal production is also of great importance here. Farthest south, in western Patagonia and on Tierra del Fuego (Lake of Fire), sheep breeding is important.


South of Concepción, agricultural areas are increasingly being transformed into a forest region. Of Chile’s 15 million ha of forest, 1/4 is suitable for economic forestry. Transportation difficulties constitute a limitation. Primarily, conifers and fast-growing eucalyptus are used. The center for forestry is Valdivia, but forest industries are also found in, among other things. Concepción and Puerto Montt. Forest products, especially pulp and wood chips, account for an increasing share of the country’s exports. In recent years, the increasing deforestation has meant that the forest stock decreased rapidly alarmingly.


Fishing is of great economic importance. The Humboldt stream provides good conditions for this industry, which has expanded greatly in recent years. In terms of catch volume, Chile is now one of the world’s five largest fishing nations. About 6 million tonnes of fish are landed annually. Over 90 percent of the catch (sardines, mackerel) is used as industrial fish. Fishmeal (mainly for feed) is an important export product. The growth of fish farms in southern Chile has made the country the second largest salmon exporter after Norway.


Chile has very rich mineral resources. Most important are copper, where Chile accounts for 1/4 of the world’s known reserves and has 1/6 of world production. The mines are mainly located in the northern parts, with the privately owned La Escondida and the state Chuquicamata as the largest and most famous. Copper means a lot to government revenue and accounts for 40 percent of Chile’s export earnings. Upon extraction, valuable by-products, including molybdenum, are obtained. Other important metals are gold, silver and manganese. Northern Chile also has the world’s largest reserves of lithium.

The salt extraction, which dominated the economy of Chile before the First World War even more than copper in recent decades, is now of limited importance, but in terms of iodine by-product, Chile is a world leader. In the Coquimbo area, 370 km north of Santiago, there are large assets of high-quality iron ore (over 60 percent), which is partly exploited by the country’s own industry and partly exported.


Significant oil resources can be found at the Magellan Strait in southern Chile. They are expected to eventually be able to meet the country’s own needs, which are now covered by 2/3 of imports, mainly through imports of oil and gas from Argentina. A liquefied gas plant has been built at Punta Arenas in the south. The coal mining, including low-grade coal south of Concepción, has some significance. Chile’s water energy resources (per capita) are considered to be among the largest in the world. In recent years, a major expansion has been carried out, and several power plants are under construction.


In Chile, even before the Second World War, a relatively extensive industry was developed, protected by tariffs and geared towards consumer goods. The light industry that survived the introduction of free trade policy is mainly concentrated in the Santiago area, which also has the bulk of the engineering and electronics industries, among others. In recent years, industrial policy has focused on the export sector (canned goods, fishmeal, etc.) and on heavier industries. The pulp and paper industry has expanded to the south. In the Concepción area, since 1950, a large industrial complex (San Vicente) has grown up, with iron and steel plants, oil refinery and petrochemical industry. Also in the country’s third major industrial area, Valparaíso, there are petrochemicals and various consumer goods industries.

Foreign trade

The introduction of free trade policy affected all parts of the business community and also Chile’s foreign trade. Trade has widened in terms of both trading partners and goods, and exports have increased significantly. According to Countryaah, copper accounts for 40 percent of the export value and other mining products account for 8 percent. The focus on other products has been successful: fruits, grapes and the like (8 percent), forest products (mainly pulp, percent). Furthermore, exports from the fishing industry (fishmeal) are significant. Imports consist of machinery and transport equipment, oil and raw materials, as well as food and other consumer goods. The most important trading partners are China, the USA and Brazil.

Tourism and gastronomy

For the past 20 years, Chile has invested in building a tourism industry, including large investments have been made in the tourist and ski centers. The investment has yielded results and the country was visited in 2016 by 5.6 million visitors. Foremost are tourists from Argentina, Europe and the USA.

Chile has a very diverse landscape. Within the sterile coastal area in the north, the Andes rise, with green valleys and blue lakes between snow-capped volcanoes of over 6,000 m. a rich bird fauna.

In central Chile lies the capital of Santiago, one of the most visited European-style city tourists, located on the Mapocho mountain river. The historical museums and the pre-Columbian art museum are also very worthwhile for the experienced museum visitor. Several rickety and kitschy collectors’ homes from the turn of the century have been turned into museums. Palacio Cousino. In Santiago’s older city center, Lastarria, you will find antique shops, boutiques and small restaurants, while the large restaurant and entertainment districts are in Belavista on the other side of Rio Mapocho. The San Francisco Monastery from the Baroque era is also worth seeing.

The port city of Valparaiso, located west of Santiago, offers fine views and picturesque buildings. To the north, the tourist towns close by the coast, to the better known include Viña del Mar. A few miles from Santiago, there are a number of well-equipped ski resorts, available during the months of summer in Europe. Chile’s more interesting areas include the lake district south of Santiago, with blue lakes, rushing streams and snow-capped volcanic cones. In these parts of Chile one can often make themselves understood in German; the well-to-do farms have not rarely belonged to three or four generations of German immigrants since.

From the area of ​​Puerto Montt you can get out on ferries and country roads to the island world south of it. Interesting is Chiloé, Spain’s last area in South America, which was first stated in 1826. The landscape is untouched, rugged and sparsely populated; there are huge, two-hundred-year-old wooden churches in villages with a few houses. The clear, cold water with its penguins is reminiscent of the southern tip of the continent, with Punta Arenas and Cape Horn.

The Easter Island of Chile, Polynesia’s easternmost island, has become a popular tourist destination with its stone pillars and other historical attractions.

From a gastronomic point of view, the country is characterized mainly by the extremely rich fishing. Mussels, crabs, shrimp, oysters and various fish species are crowded into stews and stews, here is the chance to devour the caldillo de congrio, sea bass stewed with potatoes, onions and tomatoes. Erizos are large sea urchins, eaten raw with chopped onion, lemon juice, salt and pepper; chupe de mariscos are scallops with cheese and cream sauce. Grilled lamb is advantageously eaten in the southern part of Chile. Empanadas, meat or fish pies, are available in many varieties, and chicken an esabeche, cooked in a vinegar-based sauce, or Cazuela de ave, which is a stew on rice, corn, chicken, beans, pumpkin and peas, is everyday food. One form of preparation that learns to originate from the Aruacian indigenous people is the technique of preserving meat and berries (eg cranberries) together by drying and eating porotos granados as boiled beans, corn and chopped pumpkin as an accessory or as an exclusive.

Chile’s wines are the best in South America, see Chilean wines.

Brazil Business

Brazil Business

Colonization is taking off

According to Countryaah, over time, two forms of agricultural production developed. Partly the cleared fields, granjas, and the large plantations, fazendas that grew export crops – especially sugar cane. Despite the favorable conditions, it took a long time for the plantations to become truly profitable. It was due to the lack of capital and labor. The Portuguese tried well enough to put the indigenous people in labor in exchange for European goods, but the agriculture and discipline of the plantations lay them distant. The settlers therefore quickly decided to obtain slave labor. Either through direct hunting of Indians or by using other Indians as middlemen.

  • According to abbreviationfinder, BR is the 2 letter abbreviation for the country of Brazil.

Gross Domestic Product (GDP) of Brazil

Already in the second half of the 16th century the Native American population of the coastal areas was greatly reduced. It had died of European diseases – colds, measles and smallpox – or had fled to other zones. The use of African slaves for the cultivation of sugar was therefore allowed and traffic across the Atlantic increased dramatically. It is estimated that 3-4 million African slaves arrived in Brazil from the 16th to the 19th centuries. (For the same reasons as in 1530, the Portuguese crown decided in 1848 to be directly represented in Brazil again. It appointed a general governor who, with 1000 men, left for Brazil, where he founded a capital for the entire country of Bahía in the northeastern corner of the country).

In 1551, the Portuguese created an archdiocese. It was only after 50 years of presence that the Portuguese had reached the same level of European institutions that characterized the Spanish colonies. At about the same time, the Jesuits began to arrive, and they quickly became the strongest branch of the Catholic Church, unlike the Spanish colonies, to which they arrived much later than other orders. The Jesuits were very active. They taught guaraní to convert natives to Catholicism and created villages in the same way as the missions of the Spanish colonies. In the end, the primary form of contact between natives and Europeans – war, trade, slavery and the missionary – therefore became the same as in the Spanish territories. The contact also meant that the guaraní language of this century became the most widely used in all relationships.

Brazil undertook a rapid expansion west of the line laid down in the Tordesilla Treaty – the longitude 370 leguas (approximately 2000 km) west of Cabo Verde. The expansion reached the foothills of the Andes to the west, to the north of the Amazon and to the south of Río de la Plata. In the north, the expansion was led by the Jesuits who created countless mission stations across the Amazon. In the northeast, peasants from the sugar cane areas around Pernambuco and Bahía penetrated the heart of the continent in search of new pastures. They reached as far forward as Piauí, Goiás and Maranhao.

But the main wave of expansion to the west was led by the “Paulists”, who were called the settlers from São Paulo. In their search for native slaves, gold, and gems, the Paulists organized large expeditions – known as bandiras – into the interior of the country. Portugal’s incorporation into the Spanish kingdom in 1580 facilitated this expansion, for the internal borders of the country were abolished, like the Treaty of Tordesilla. The expeditions brought the Paulists all the way to the mining areas of Peru and to Bogotá in Colombia. They also explored Mato Grosso and in the south they attacked the native settlements – especially in Guaíra where the Guaranís were reasonably immune to European diseases and won for collective agricultural work. In most cases, they encountered resistance from the Guarani and the Jesuits who protected them. It was such a devastating human hunt that it forced the Jesuit missions further south to their final location in Siete Pueblos in the current state of Río Grande do Sur.

It was not just the Paulists who stepped into the dense rainforest. Thousands of African slaves fled from the coastal plantations into the forests. There, Africans, natives and mestizos joined together in constant wars against the military expeditionary force of the colonial power. They created villages that got the African names “quilombo” and “mokambo”. In northeast Brazil, the Palmares Quilombos (1630-1695) became famous, and their leader in the fight against the Portuguese, Zumbí, became history. The anti-racist Brazilian movement continues today to mark November 20 as “The Day of Black Consciousness” – the day Zumbí was killed in combat.

Brazil was also swirled in the Dutch independence struggle against Spain. Due. In succession, the Netherlands and Flanders were owed the Spanish crown. In the period 1630-54, the Dutch occupied Pernambuco after an attempt to capture Bahía. An attempt that failed only because of the joint efforts of natives, Africans and Portuguese. The subsequent separation of Spain and Portugal was unable to revive Tordesilla’s demarcation line. This dividing line between the two colonial powers had long since been overtaken by history. In 1696, gang riots encounteredon the first gold mines in what is today Minas Gerais. In the 18th century, the area reached its largest production of precious metal. The consequences of these mines for the Brazilian economy were a major reason for the capital being moved from Salvador do Bahía in the north to Rio de Janeiro in the south in 1763.

Bolivia Business

Bolivia Business

According to abbreviationfinder, BO is the 2 letter abbreviation for the country of Bolivia.


Agriculture employs approx. 45% of the workforce and 15% of GDP. The industry is mostly run by traditional and labor-intensive methods, with low mechanization and low productivity. Bolivia has small areas suitable for cultivation and most of this is on Altiplano where the climatic conditions are not very suitable. Most potatoes, maize, wheat and barley are grown here for local consumption. Agriculture in the tropical lowlands of the east, around Santa Cruz, is run by more intensive and modern methods. Rice and sales crops such as sugar cane, soy and cotton are grown here. Citrus fruits, bananas and coffee are grown in the steep valley of Yungas. In addition, here and in the neighboring district of Chaparé, most of the cook is grown. As a result of international pressure, the authorities have tried to get the farmers to grow other products, such as. sugar.

Gross Domestic Product (GDP) of Bolivia

According to countryaah, the livestock team is significant in several places. Santa Cruz is the center of the country’s most important cattle district. At Altiplano, sheep and goats are the most important livestock, otherwise llama, alpaca and mules are used for transport. Animal husbandry is possible up to 5000 meters above sea level. Meat and hides are important export goods.

About 50% of the country’s area is covered by forest. To the north and east of the Andes are large areas with evergreen and deciduous tropical hardwoods of high quality, but transport difficulties have so far prevented large-scale exploitation.

Minerals, gas and oil

The mines employed 1% of the working population and contributed 7% of GDP in 2001. The most important minerals are zinc, tin, silver, gold, lead and antimony. Some tungsten and copper are also extracted. Bolivia has long been the only producer of tin in the American continent. Falling prices on the world market meant that Bolivia during the period from 1980 to 1992 reduced its tin production by 1/3, and Peru has overtaken as the continent’s biggest producer. The largest tin mines are Llallagua near Oruro and Cerro Rico at Potosí. Silver, gold and copper were mined during the colonial period. The silver mines at Potosí were put into operation in 1546, and have long been the richest in the world.

Oil and natural gas are produced in Oriente east of the Andes, especially around Santa Cruz. The first oil fields were put into operation in 1927. New, large discoveries were made later and production culminated in the early 1970s. A network of oil pipelines has been built from the production fields. to the port city of Arica in Chile. From 1999 gas pipeline from Santa Cruz, via São Paulo, to Porto Alegre in Brazil. Total annual oil production was in 2002 at 11.3 million barrels. Natural gas production was 4.2 billion m 3 in the same year. Several new natural gas fields were discovered in the latter part of the 1990s. In 2002, natural gas accounted for 20% and oil for 5.7% of total export revenue.


The industry is underdeveloped and employs approx. 20% of the working population. Main industries are petroleum refining, food and beverage production and the metal industry. The textile industry is concentrated in La Paz and Cochabamba. In Oruro there is a tin smelting plant. A petrochemical complex is built in Santa Cruz; smaller oil refineries are found in Cochabamba, Sucre, Camiri and Sanandita.

Foreign Trade

After a period in the 1980s with trade surpluses abroad, the country has since the mid-1990s a significant trade deficit. Legal, official exports comprise 90% of minerals and natural gas. Much of the export revenue goes to paying interest and repayments on foreign debt, and Bolivia has been forced, for economic reasons, to restrict imports to include capital goods, transport equipment, industrial raw materials and, to a lesser extent, consumer goods. Major trading partners are the United States, which accounts for 22% of imports and 31% of exports. Argentina, Peru and the United Kingdom are also important trading partners. A considerable part of foreign trade goes over the ports of Matarani (Peru), Arica and Antofagasta (Chile), Rosario and Buenos Aires (Argentina) and Santos (Brazil).

Transport and Communications

Bolivia’s road network is approx. 40,000 km, most without a fixed tire, but the proportion of roads that are steep or paved is greatly increasing. The country’s weak economy, the difficult terrain and the isolated location of the cities have made the lack of transport opportunities a significant problem. Road is concentrated to the highlands, Altiplano, while the eastern lowlands have very sparse communications. The rivers are navigable here, but mean little to the transport. Bolivia has a rail connection to the port cities of Arica and Antofagasta in Chile and (via Lake Titicaca) Mollendo in Peru, but the rail network is in very poor condition. There are economical rail links from El Alto and Oruro and south to Uyuni.

Air traffic is relatively well developed, with international airports in La Paz and Santa Cruz and airports in most other major locations.

See also the article Tourism in Bolivia.

Argentina Business

Argentina Business

According to abbreviationfinder, AR is the 2 letter abbreviation for the country of Argentina.


Argentina, which has significant and export-oriented agriculture as well as a diversified industry, is Latin America’s third largest economy after Brazil and Mexico. Although the country’s share of the continent’s total GDP has fallen somewhat since the 1970s, partly due to a slower rate of population growth, it is still high.

Development of Argentina’s and Latin America’s GDP in the 2000s.

Gross Domestic Product (GDP) of Argentina

Year Change in Argentina’s GDP compared to the previous year (%) Change in Latin America’s GDP compared to the previous year (%)
2016 -2.3 -1.0
2015 2.6 0.1
2014 -2.5 1.2
2013 2.4 2.9
2012 -1.0 3.0
2011 6.0 4.7
2010 10.1 6.1
2009 -5.9 -1.8
2008 4.1 4.0
2007 9.0 5.9
2006 8.0 5.6
2005 8.8 4.6
2004 9.0 6.3
2003 8.8 2.0
2002 -10.9 0.5
2001 -4.4 0.6
2000 -0.8 3.8

Source: IMF

Argentina was one of the hardest hit countries during the economic and political crisis of the 1980s, but recovered in the 1990s, especially through President Carlos Menem’s and Finance Minister Domingo Cavallo’s reform program. This linked the currency to the dollar, lowered import duties and privatized and cut down large sections of the public sector. Argentina’s membership in the Mercosur Customs Union also played a major role in the country’s economic development.

Several of the social and economic indicators that placed Argentina among the main countries on the continent deteriorated after the severe economic and political crisis of 2001–02. A combination of deflation and overvalued currency then led to an increase in central government debt and the budget deficit, at the same time as the government withdrew to take austerity measures. Inflation rose, and as the withdrawal from the banks increased, the government stepped in, whereby riots and looting broke out at year-end 2001–02.

In the following years, inflation declined and GDP recovered, but unemployment and poverty continued to be high. In 2008, the country was hit by the international financial crisis and declining agricultural exports.

Despite strong economic growth in the 2010s, the Argentine economy again fell into imbalance with rising inflation as a result. In 2012, the government decided to state just over half of the oil company YPF, which was largely owned by Spanish Repsol. The decision was heavily criticized by both Spain and other countries. The government also decided to impose restrictions on the possibility of buying dollars freely in an attempt to curb the fall of the currency.

However, the economic crisis, with high inflation and falling real wages, persisted. In January 2014, the Argentine peso plunged in value against the dollar since the central bank stopped trying to keep up the exchange rate. Policemen, teachers and other public servants went on strike and the unions carried out a general strike in protest of the policy pursued.

Repayments of the country’s national debt

One of the causes of the economic uncertainty was the international requirements for repayment of Argentina’s national debt from the late 1990s. When the economy collapsed in 2002, Argentina canceled all payments and has since tried to agree with lenders on new terms. Before settling the old debt, Argentina is basically blocked from getting new credit in the international currency market. To date, over 90 percent of lenders have accepted substantial write-downs of their receivables, and in early 2014, Argentina signed an agreement with several countries in the so-called Paris Club regarding the terms of repayment of $ 9.5 billion. However, in August 2014, the country was forced to suspend its payments after losing a legal process in the United States regarding 1,

A court banned Argentina from making payments to other lenders before hedge funds that did not agree to write down their debts received their money. If Argentina pays the funds, other lenders who have accepted debt cancellation can cancel their agreements and demand full payment. This would lead to a further $ 15-20 billion in costs, which is more than Argentina can pay. However, the Argentine government does not rule out continued negotiations with the hedge funds.

Agriculture, forestry and fishing

Of Argentina’s surface area, 10 percent is land, while 52 percent is meadow land, of which about one-tenth is permanent pasture. Agriculture has traditionally been the basis of the country’s economy, but in recent years has declined in importance. However, Argentina is one of the world’s largest producers of beef, wool, wheat and maize, which are also the most important export goods. Cereals, mainly wheat and maize but also rye, oats, rice and millet, are grown on 70 percent of the arable land. Other important crops are cotton, sugar cane, fruit and grapes but mainly soybeans, which in recent years have increased strongly.

A large part of agriculture is concentrated in Pampas, which accounts for 2/3 of the production of cereals and beef. Livestock management occurs across virtually the entire country. In the peripheral areas, one has often specialized in a certain type of products, such as wool in Patagonia, wine and fruit around Mendoza and Cuyo and the national beverage mate in the north. San Miguel de Tucuman is the center of sugar production. Argentine agriculture is characterized by large-scale operation and long-run mechanization. Livestock management is dominated by large estates, estancias, which can cover up to 200,000 ha. The average estancian comprises about 3,000 hectares and has 2,000–3,000 cattle. A large part of agricultural products are consumed in the country.

About 22 percent of the country’s area is covered by forest, but forestry is poorly developed and accounts for only half of the country’s need for timber products. The most important forest product is quebracho, a hard type of wood used as building material and for the production of tannery.

Fishing still plays a rather minor role and is mainly concentrated in the northeastern parts of the country. Argentina has a small export of fish.

Minerals and energy

Argentina’s rich commodity reserves, with the exception of oil and natural gas, are not concentrated and are only used to a limited extent. Argentina is self-sufficient in lead and zinc, and there is also some production of gold, silver, copper, tin, manganese and tungsten. Iron ore is extracted in Sierra Zapla in the north and Sierra Grande in Patagonia and coal at Rio Turbio in southern Patagonia, but the need for these raw materials is mainly covered by imports.

There are large uranium ore deposits, and as early as 1950, President Perón embarked on an ambitious nuclear energy program, which has, however, been cut down and almost ceased in recent years. Argentina is almost self-sufficient when it comes to energy, especially through the Golfo San Jorge oil field in Patagonia. In 1999, Argentina became Latin America’s largest producer of natural gas after extensive exploration at Eldslandet began to be exploited. After 2007, however, production has decreased, and in recent years the country has had a larger import than natural gas exports. The country also has significant water energy potential, and on the Paraná River Argentina and Paraguay have a large power plant, Yacyretá, in common.


Traditionally, the industry has been based primarily on the processing of agricultural products, such as the production of food, textiles and leather. With state support and in the protection of customs walls, after the Second World War, a fairly varied production was developed, which was primarily intended for the domestic market such as plastics, steel, cement, machinery and petrochemical products. Through the reform program since 1991 and the deepening of the Mercosur Customs Union, the importance of the industry has increased. The three most important industries are food production, the automotive industry and the chemical industry.

The state has traditionally been active in stimulating industry development, but since the extensive program for privatization and sale of state-owned enterprises was started in 1989, these have largely disappeared. Some industries, e.g. the car industry, however, has long been completely foreign-owned. The industry is preferably located in the Buenos Aires area, in the major cities and in the ports along the Paraná River and in the vicinity of important raw material deposits. In most places, the industry is mainly focused on the processing of local products, and apart from Buenos Aires, there is only a more versatile industry in Córdoba and Rosario. Around Rosario are the country’s largest steel mills, petrochemical plants and large slaughterhouses.

Foreign trade

According to Countryaah, Argentina’s traditionally large trade surplus fell during the 1990s, as a result of reduced import duties and the transformation of the Mercosur Free Trade Area into a customs union in 1995, due to increased imports. For several years in the 1990s, there were deficits in foreign trade. Apart from agricultural products, mainly petroleum products and vehicles are exported, while imports consist mainly of machinery, vehicles, basic industrial products (paper, textiles) and oil and natural gas. Among individual countries, the largest export markets are Brazil, the United States and China, while imports mainly come from Brazil, China and the United States.

Tourism and gastronomy

Argentina is visited annually by about 5 million tourists. The country offers great variations, from the wooded, subtropical provinces in the north to the magnificent and popular heath, rock and island landscape of Patagonia (including the Fire Land) in the south. To the west, at the foot of the Andes, is Argentina’s main wine district, Mendoza. Those who want to ski during the European summer can try the ski resorts on the slopes of the Andes further south: most famous are Bariloche and San Martín. For the culturally interested, a visit to the ruins of the Jesuit mission stations from the 17th and 18th centuries is recommended; Of the total thirty plants, half, and the best preserved, are located in northeastern Argentina. If you follow Paraná’s eastern shore further north you will reach the famous waterfalls in the tributary of Iguaçú, on the border with Brazil, most of which are on the Argentine side. The neighborhood there is also very rich in butterflies.

Buenos Aires is perhaps the South American capital that gives the strongest impression of European big city. In the center are elegant shops, stately monumental buildings and Teatro Colon, one of the world’s largest opera scenes. Picturesque and slightly older neighborhoods with low buildings and many nice little pubs can be found in the oldest district, La Boca, on the promontory between the small river Riachuelo and Río de la Plata. In Buenos Aires, as in many other Argentine cities, there are some fine Baroque churches, and the Museo Nacional de Bellas Artes has both a representative floor with Argentine 19th and 20th century art and an excellent European art collection. Also of interest is the Museum of Spanish-American Art and Crafts.

Argentina has no Native American culinary roots, and the cuisine is therefore based on the European, mainly Spanish and Italian. It is not surprising that beef dominates the food and that the typical restaurant is a “steakhouse” where you can eat a thick grilled steak (churrasco) or grilled meats (parrillada) – well-seasoned sausages and blood sausages are an Argentinean specialty – which fits well with the spicy Mendozavine. However, there are other than pure meat dishes; Rich omelets and pies are popular, corn and pumpkin are common ingredients. Carbonadais a stew of meat, corn and pumpkin, served in the huge, hollowed out pumpkin peel. Buenos Aires residents like to visit the city’s elegantly decorated cafes (confiterías) in the afternoon to enjoy, for example, an almendrado, ice cream pastry with almond and chocolate sauce. In the evening, a place is often visited where you play and sing tango – the tango holds much of the Argentine nostalgia and cultural identity.

South America Business

South America Business


From the early 1980s, South America experienced a severe debt crisis, which diminished the ability of countries to pursue independent economic policies. The rise in oil prices from 1972 and easy access to loans led to a 15-fold increase in Latin American debt abroad during this decade. After that, the loan sources disappeared; When borrowing new loans, the loan banks via the World Bank and the IMF demanded a restructuring of the economy.

The goal was macroeconomic stability and strong economic growth. The funds were removal of public subsidies, liberalization of capital markets, easier access for foreign investment, privatization and public savings. The wave of privatization has broken through almost everywhere, and the problems of inflation and foreign debt are generally under control.

But the side effects of the process have been stressful. in Argentina and Brazil, the lack of initiatives that could offset the growing social differences has been conspicuous.

South America Countries

Brazil is in every way the world’s great power and has the world’s eighth largest economy. Argentina and Colombia follow with ranking among the 30 largest. In terms of economic development, most of the countries belong to the so-called middle-income countries with Argentina, Brazil and Chile (ABC states defined by Countryaah) together with Uruguay in the upper part. Then comes Venezuela, Colombia, Peru and Paraguay, while Ecuador and Bolivia are the poorest. Most often, Argentina and Brazil are regarded as so-called NIC countries with significant industrial development.

Country Total GDP (million US dollars) Agriculture’s share of GDP (percent) Manufacturing industry’s share of GDP (percent)
Argentina 518 475 (2018) 6.1 (2018) 12.8 (2018)
Bolivia 40 288 (2018) 11.5 (2018) 10.3 (2018)
Brazil 1 868 626 (2018) 4.4 (2018) 9.7 (2018)
Chile 298 231 (2018) 3.6 (2018) 10.6 (2018)
Colombia 330 228 (2018) 6.3 (2018) 11.3 (2018)
Ecuador 108 398 (2018) 9.2 (2018) 14.2 (2018)
Guyana 3 610 (2018) 15.4 (2017) 3.1 (2017)
Paraguay 40 842 (2018) 10.5 (2018) 19.5 (2018)
Peru 222 238 (2018) 6.7 (2017) 12.8 (2017)
Suriname 3 427 (2018) 12.6 (2017) 14.6 (2017)
Uruguay 59 597 (2018) 5.6 (2018) 11.7 (2018)
Venezuela 482 359 (2014) 5.0 (2014) 12.1 (2014)


Until the mid-1900s. South America consisted predominantly of agricultural societies, but as in the rest of the world, industry, trade and service industries have grown in importance.

Agriculture. Only 6% of the area can be cultivated, but compared to the relatively few population there is plenty of land available. However, the development of South American agriculture has been hampered by a very distant distribution of land, which is a legacy of the colonial era.

Much of the best land is still owned by large estates with extensive cultivation methods. In contrast, most farmers are employed in small-scale farming with their own consumption. Some large farms are run as plantations whose crops have changed over time, depending on economic conditions and prices in the export markets.

Effective modern large-scale agriculture, often with irrigation, is now found, among other things. in southern and eastern Brazil, in parts of Argentina and on the coast of Peru. Especially from this comes South America’s significant export of products such as soy, sugar, bananas and coffee. Agricultural production has increased greatly since 1975, and among other things. for example, meat production has doubled or tripled in most countries. Cattle and sheep play a major role everywhere, and in the poorest areas also goats; especially the latter give rise to strong wear and tear on the vegetation.

Land reform is a recurring theme in every election campaign in South America, but compared to the extent of the problem, very little has happened in most countries. A well-known initiative to acquire land is the construction of Transamazonica, a highway system through the Amazon that opened the rainforest area and enabled the colonization of hitherto inaccessible areas.

Forestry. The Amazon is the world’s largest rainforest area. Forest resources are of local importance to the rainforest Indians and the settlers who have been allocated land after the construction of roads in the areas. Extraction of hardwood, i.e. for export, takes place on a commercial basis. Brazil is one of the world’s largest producers of wood, wood pulp and paper. eucalyptus plantations outside the Amazon.

The fishery was greatly expanded and modernized after World War II. Some of the world’s richest waters are off the west coast, and in 1994 Peru and Chile accounted for 21% of the world’s fish catch. The vast majority are industrial fishing for fishmeal. Incidentally, fishing is of particular local importance; this also applies to freshwater fishing.

Mining. South America is very rich in minerals, and many ore fields were known even before colonization. In addition to gold and silver, there are copper, iron, tin, lead, coal and oil. Carajás in Brazil is the world’s largest iron ore mine, and with regard to tin and especially copper, a significant part of world production comes from South America, especially Chile and Peru. South America holds approx. 8% of the world’s known oil reserves; Venezuela is by far the largest producer.

Industry. Manufacturing employs 15-25% of the workforce in the various countries, and most have experienced the trend, which is also known from the actual countries, that industrial employment is declining in favor of service industries. The development strategies of several countries have been aimed at increasing the production of their own industrial products, and for example Brazil reached a 95% self-sufficiency rate in the 1990s.

A large part of the industry is located in the capitals and the largest cities, and often development has begun with the processing of own agricultural products. Other companies have emerged on a foreign initiative, including automotive industry in Argentina, Brazil and Venezuela. In order to promote foreign investment, free zones have been set up and special rules have been adopted for foreign investors.

Transportation. Along the Pacific is the Pan-American Highway, which at Santiago sends a side road across the Andes to Buenos Aires. The Transamazonica highway system is still under construction (2005).

Environmental problems. The arrival of the whites to South America caused major interference with nature. Forest areas were constantly felled and this development continues. On the coasts, the forests were replaced by plantations, and today the rainforest is reduced in favor of roads, urban plants, farms, cattle breeding, mines and oil extraction.

Large quantities of mercury are used to extract gold, which pollute the rivers. Oil extraction also causes major problems; Among other things, is Maracaibo lake biological death, and Indians in Ecuador and Peru have been destroyed their land by spills from oil pipelines.

South America Business