What kind of economy does Latin America have?

Note that Latin America is a loosely-defined cultural region encompassing all countries in the Americas that speak any language originated from ancient Latin - especifically, Spanish, French and Portuguese. These include Mexico, the Caribbean, Central America and South America.

With that in mind, all countries within the region are considered developing countries with varying degrees of economic development and prosperity; you can find Chile with a GDP per capita of USD 19,100 which is considered the wealthiest of the region and almost a developed nation, while on the other hand, you will find Haiti with a GDP per capita of only USD 1,300 and is considered one of the least developed countries in the world.

Following are some economic statistics for the region (2013):

Major economies of Latin America include Brazil (USD 2,416 billion), Mexico (USD 1,845 billion), Argentina (USD 771 billion), Colombia (USD 526 billion) and Venezuela (USD 407 billion).

Major exporters include Mexico (USD 371 billion), Brazil (USD 245 billion), Venezuela (92 billion), Argentina (USD 85 billion) and Chile (USD 78 billion).

Countries with largest labor force would be Brazil (107 million), Mexico (52 million), Colombia (24 million), Argentina (17 million) and Peru (16 million).