The list ranking takes into account investment factors, GDP growth forecasts and the ease of doing businesses.

The Andean nation, which has grown about 5.7 percent annually in the last decade, will be benefited from a surge in consumer spending across South America, says Mark Mobius, the head of Templeton Emerging Markets Group.

Peru holds similar indicators to those of Chile but gained and edge due to the country’s low stock prices, and the likelihood of future increases.

Other Latin American countries on the list were Colombia at 12 and Mexico at 14.

(END) JPC/JPC/CRB/LVT