This country is located in South America and presented a higher GDP than the one presented in 2023. Photo: LR/Freepik composition
The World Bank reports that global growth was 2.6% over the past three years, while Latin America and the Caribbean will see a slowdown to 1.8% with a recovery to 2.7% in 2025. One country in the region stands out for its remarkable economic growth due to diversification, infrastructure investments and stable policies. The importance of structural reforms and regional integration for sustainable development is highlighted.
This small South American country leads in terms of GDP per capita in the region, but also presents growth projections that significantly exceed those of economic giants such as Brazil and Mexico. This situation reflects the effective economic policies and stability that have characterized this nation in recent years, and makes it a model to follow for other Latin American nations.
The United States continues to dominate the ranking as the main economy in America. Photo: Peru Retail
Which is the largest economy in Latin America and with the highest GDP in 2024?
According to the World Bank, Uruguay is positioned as the most prominent economy in Latin America in 2024, with a GDP per capita of US$18,109. This achievement places the country ahead of other major nations in the region such as Panama (US$16,294) and Chile (US$14,248). The Uruguayan nation has maintained sustained economic growth, which has allowed it to surpass larger economies in terms of GDP per capita.
Uruguay’s remarkable economic performance is underpinned by key pillars: human development policies, infrastructure investment and economic diversification. This successful strategy has created a favorable environment for growth, even in the face of a challenging global and regional outlook. Indeed, as a result of this approach, Uruguay has achieved GDP growth of 3.2% in 2024, exceeding the regional average.
Uruguay recorded the highest GDP growth in 2024. Photo: Nodal
How did that country surpass Brazil and Mexico by 2 times?
The fact that Uruguay surpasses such large economies as Brazil and Mexico in GDP per capita is remarkable. Brazil, with its vast expanse and abundant natural resources, and Mexico, with its strategic proximity to the United States, have not been able to match Uruguay’s performance in terms of wealth per capita. The Brazilian nation has a projected GDP growth of 2% for 2024, while Mexico has a GDP per capita of US$10,327.
What position does Peru occupy in the ranking?
Peru, with its growing economy based on mining and agriculture, also figures in the ranking of Latin American economies, although it does not reach the levels of Uruguay. The Andean country has shown significant economic growth in recent decades, but its GDP per capita is considerably lower compared to regional leaders. Nevertheless, the Peruvian nation remains an emerging economy with great development potential, especially if it continues to diversify its economy and improve its public policies.
What are the top 20 economies in the Americas?
The top 20 economies in the Americas, in terms of GDP, include countries from both North America and Latin America and the Caribbean. The United States and Canada top the list, followed by Uruguay, Panama, and Chile. This ranking reflects the size of the economies and the capacity to generate wealth and development in per capita terms.
- USA
- Canada
- Uruguay
- Panama
- Chile
- Costa Rica
- Argentina
- Mexico
- Brazil
- Dominican Republic
- Colombia
- Peru
- Paraguay
- Ecuador
- Guatemala
- El Salvador
- Bolivia
- Honduras
- Nicaragua
- Haiti
The major economies of the Americas in 2024. Photo: World Bank/LR
The 5 keys: “The country with the largest economy in Latin America, which will surpass Brazil and Mexico by 2024”
Uruguay: The Country with the Largest Economy in Latin America, Surpassing Brazil and Mexico in 2024
The World Bank reports that global growth was 2.6% over the past three years, while Latin America and the Caribbean will see a slowdown to 1.8% with a recovery to 2.7% in 2025. One country in the region stands out for its remarkable economic growth due to diversification, infrastructure investments and stable policies. The importance of structural reforms and regional integration for sustainable development is highlighted.
This small South American country leads in terms of GDP per capita in the region, but also presents growth projections that significantly exceed those of economic giants such as Brazil and Mexico. This situation reflects the effective economic policies and stability that have characterized this nation in recent years, and makes it a model to follow for other Latin American nations.
The United States continues to dominate the ranking as the main economy in America. Photo: Peru Retail
Which is the largest economy in Latin America and with the highest GDP in 2024?
According to the World Bank, Uruguay is positioned as the most prominent economy in Latin America in 2024, with a GDP per capita of US$18.109. This achievement places the country ahead of other major nations in the region such as Panama (US$16,294) and Chile (US$14,248). The Uruguayan nation has maintained sustained economic growth, which has allowed it to surpass larger economies in terms of GDP per capita.
Uruguay’s remarkable economic performance is underpinned by key pillars: human development policies, infrastructure investment and economic diversification. This successful strategy has created a favorable environment for growth, even in the face of a challenging global and regional outlook. Indeed, as a result of this approach, Uruguay has achieved GDP growth of 3.2% in 2024, exceeding the regional average.
Uruguay recorded the highest GDP growth in 2024. Photo: Nodal
How did that country surpass Brazil and Mexico by 2 times?
The fact that Uruguay surpasses such large economies as Brazil and Mexico in GDP per capita is remarkable. Brazil, with its vast expanse and abundant natural resources, and Mexico, with its strategic proximity to the United States, have not been able to match Uruguay’s performance in terms of wealth per capita. The Brazilian nation has a projected GDP growth of 2% for 2024, while Mexico has a GDP per capita of US$10,327.
What position does Peru occupy in the ranking?
Peru, with its growing economy based on mining and agriculture, also figures in the ranking of Latin American economies, although it does not reach the levels of Uruguay. The Andean country has shown significant economic growth in recent decades, but its GDP per capita is considerably lower compared to regional leaders. Nevertheless, the Peruvian nation remains an emerging economy with great development potential, especially if it continues to diversify its economy and improve its public policies.
What are the top 20 economies in the Americas?
The top 20 economies in the Americas, in terms of GDP, include countries from both North America and Latin America and the Caribbean. The United States and Canada top the list, followed by Uruguay, Panama, and Chile. This ranking reflects the size of the economies and the capacity to generate wealth and development in per capita terms.
- USA
- Canada
- Uruguay
- Panama
- Chile
- Costa Rica
- Argentina
- Mexico
- Brazil
- Dominican Republic
- Colombia
- Peru
- Paraguay
- Ecuador
- Guatemala
- The Savior
- Bolivia
- Honduras
- Nicaragua
- Haiti
The major economies of the Americas in 2024. Photo: World Bank/LR
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