South America is a continent located in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. It is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east by the Atlantic Ocean; North America and the Caribbean Sea lie to the northwest. It is formed by twelve sovereign states Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, and Venezuela - the French Guiana, which is an overseas region of France, and the Falkland Islands, a British Overseas Territory. In addition to this, the ABC islands of the Netherlands may also be considered part of South America, as well as Trinidad and Tobago. South America has an area of 17,840,000 square kilometers (6,890,000 sq mi). Its population as of 2005 has been estimated at more than 371,090,000. South America ranks fourth in area (after Asia, Africa, and North America) and fifth in population (after Asia, Africa, Europe, and North America). Most of the population lives near the western or eastern coasts of the continents while the interior and the far south are sparsely populated. The geography of western South America is dominated by the Andes mountains, in contrasts the east host large river basins mainly the Amazon, Paraná and Orinoco. Most of the continent lies in the tropics. The continent is culturally, ethnically and racially diverse hosting cultures and peoples originating in South America as well as Europe, Africa and Asia. Given a history of colonialism most South Americans speaks Spanish or Portuguese and societies and states are commonly modeled after Western traditions.
Aya Ammay Argentina Economy - overview
Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The...
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