I know right? As you said they have large amounts of coastline, natural resources, friendly, prosperous and stable northern neighbors, a small, much more easily defensible southern border, agriculture, oil, tourism, great climate, friendly people and decent food, and in general, hard working people.
If they had enjoyed the last 100+ years with a decent government and not a retread of Spanish aristocracy, socialism, and corruption they would be far more advanced than they currently are.
if a frog had wings...
Yes, they have a wealth of natural resources and their people obviously work very hard.
It takes a big, Socialist government to prevent people from building wealth under those conditions.
Don’t forget Catholicism mixed with native religions.