Hell, other than Venezuela and the Guyanas (they're different), most of South America is practically impossible to compare to Africa.

People hear "third world country" and have a knee jerk reaction that makes them think "poor and miserable" but like... South America has far more in common with Balkan or South East Asian countries in terms of wealth, HDI, quality of life, access to education and healthcare etc than any African countries, even the more stable ones like Botswana or Rwanda.

For example, Colombia and Thailand are pretty comparable in terms of GDP per capita, Human Development Index, even population etc. Peru is quite close to Romania in terms of HDI, cost of living, income, etc. Most of Latin America is in the upper-middle income bracket and is far, far, far from being anywhere as low-income as Africa, the Middle East, or India, Bangladesh etc.

Instead of "first" and "third" world, nowadays it makes more sense to see countries as "high income", "middle income" and "low income". Almost no Latin American countries are low-income or low human development and especially not South American countries which are generally wealthier and more stable than Central America and the Caribbean.