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Thinking of Latin American development as an shift from a traditional agricultural to a economically well developed driven by service sector way of living, is to simplistic.
In reality, LAC's development is more fragmented. Rich and developed urban ereas and peripheral underdeveloped rural area's can be found in the same country.
Also, development is not only measured in economic factors like GDP. Sustainable and a fair distribution of wealth are also important factors.
Development is multi-dimensial, and is about improving quality of life in a sustainable way. Differences in level of development can be seen in LAC, but have been sharply reduced last decades.
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