section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Since 1930, the continent has experienced growth and diversification in most economic sectors. Most agricultural and livestock products are destined for the domestic market and local consumption. However, the export of agricultural products is essential for the balance of trade in most countries.
  
  The main agrarian crops are export crops, such as soy and wheat. The production of staple foods such as vegetables, corn or beans is large, but focused on domestic consumption. Livestock raising for meat exports is significant in Argentina, Paraguay, Uruguay and Colombia. In tropical regions the most important crops are coffee, cocoa and bananas, mainly in Brazil, Colombia and Ecuador. Traditionally, the countries producing sugar for export are Peru, Guyana and Suriname, and in Brazil, sugar cane is also used to make ethanol. On the coast of Peru, northeast and south of Brazil, cotton is grown. 51% of South America's land surface is covered by forest. Transnational companies have settled in the Amazon rainforest to exploit timber destined for export.
  
  The Pacific coastal waters are the most important for commercial fishing. The anchovy catch reaches thousands of tonnes, and tuna is abundant, Peru is a major exporter. The capture of crustaceans is large, particularly in northeastern Brazil and Chile.
  
  Brazil and Argentina are part of the G20 industrial countries, while only Brazil is part of the G8+5 (the most powerful and influential nations in the world). In the tourism sector, negotiations began in 2005 to promote tourism and increase air connections within the region. Punta del Este, Florianópolis and Mar del Plata are among the largest resorts in South America.
  
  The most industrialized countries in South America are Brazil, Argentina, Colombia and Chile respectively. These countries alone account for more than 80% of the region's economy. Industries in South America significantly developed from the 1930s, when the Great Depression in the United States and elsewhere, boosted industrial production on the continent. The region partially moved away from agriculture and began to achieve high rates of economic growth that remained until the early 1990s, when they slowed due to political instabilities and economic crises.
  
  Since the end of the economic crisis in Brazil and Argentina between 1998 and 2002, which led to economic recession, rising unemployment and falling income, the industrial and service sectors have recovered. South America has shown good signs of economic stability, with controlled inflation and exchange rates, continuous growth, a decrease in social inequality and unemployment – factors that favor industry.
  
  The main industries are: electronics, textiles, food, automotive, metallurgy, aviation, naval, clothing, beverage, steel, tobacco, timber, chemical, among others.
  
  The economic gap between rich and poor in most South American nations is larger than most other continents. The richest 10% receive over 40% of the nation's income in Bolivia, Brazil and Colombia, while the poorest 20% receive 4% or less. This wide gap can be seen in large South American cities where makeshift shacks and slums lie in the vicinity of skyscrapers and luxury apartments; many South Americans live on less than $2 per day.