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The economy of South America comprises around 371 million people living in twelve nations and three territories. As of early 2007, South America is experiencing great economic development, with Venezuela, Colombia, Argentina, Uruguay and Peru growing their economies by over 8% per annum. Chile is also experiencing continued growth of 6% for the last few years on the back of copper prices. Brazil's economy, on the other hand, is expected to grow by a more sluggish pace during the year. South America relies heavily on the exporting of goods. On an exchange rate basis Brazil (the seventh largest economy in the world and the second largest in America) leads the way in total amount of exports at $137.8 billion dollars followed by Chile at 58.12 billion and Argentina with 46.46 billion.[1] Brazil, Argentina, Venezuela, Chile and Colombia, in this order, have the largest economies in South America, while Argentina, Brazil, Chile and Uruguay have the best Human Development Index of South America. Venezuela, in turn, has large oil reserves that have turned the nation into an important player in world trade.
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