South America

South America is a part of the American continent traversed by the equator, with most of its area in the Southern Hemisphere. South America is situated between the Pacific Ocean and the Atlantic Ocean.

Economy

As of 2002, South America's gross domestic product declined by 0.3 percent, and its unemployment rate was 10.8 percent.

Related Topics:
As of 2002 - Gross domestic product

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Due to histories of high inflation in nearly all South American countries, interest rates and thus investment remain high and low, respectively. Interest rates are usually double that of the United States. For example, interest rates are about 22 percent in Venezuela and 23 percent in Suriname. The exception is Chile, which had a head start from 1973 under Augusto Pinochet.

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The South American Community of Nations is a planned continent-wide free trade zone to unite two existing free-trade organizations—Mercosur and the Andean Community.

Related Topics:
South American Community of Nations - Free trade zone - Free-trade - Mercosur - Andean Community

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In South America, the gap between the rich and the poor is tremendous. In Venezuela, Paraguay, Brazil, and many other South American countries, the richest 20 percent may own over 60 percent of the nation's wealth, while the poorest 20 percent may own less than 5 percent. This wide gap can be seen in many large South American cities where makeshift shacks and slums lie next to skyscrapers and upper-class luxury apartments.

Related Topics:
Venezuela - Paraguay - Brazil

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