The travel and tourism industry in Latin America were greatly struck during the 2008-2009 recession. While international arrivals slowed and tourist visits depleted, the region's tourism industry was resilient, which led to its gradual and continuous growth.

Latin America does not actually have the best travel impression in terms of safety with crime reports including pickpocketing, muggings, robberies and drug trafficking. But these were the things in the past. As a matter of fact, the region is now a safe ground to explore new places, cultures and people, Insider Monkey noted. Travel is also affordable and with Latin America's sheer diversity in scenic beauty, it has become an increasingly sophisticated domestic industry today that can cater to every kind of traveler.

Despite the worrisome crime reports and negative feedbacks, the overwhelming beauty of Latin America can ignite tourists' wanderlusts. So, here are the top 5 safest and cheapest nations in the region that are worth traveling for, as listed by Investopedia.

1. Uruguay

Considered as a hidden gem located on the southeastern Atlantic coast of South America with Argentina to its west and south and Brazil to its north. It is sometimes called the Switzerland of South America and is known for its wide-open beaches, cattle ranches and cobblestone streets.

Among the best places to visit while in Uruguay are Colonia Del Sacramento, Punta Del Este, Punta Del Diablo and Salto.

2. Chile

Squeezed between the Andes and the Pacific, Chile is a diverse nation South American nation that is best known for its numerous coastal beach towns with world-class surf breaks, extensive national park system, wine tours and picturesque sights.

When you're in Chile, don't forget to check out the Atacama Desert, which is the world's driest non-polar desert, Torres del Paine and Easter Island. For more places to visit in Chile, click here.

3. Costa Rica

This Central American country offers thrilling rainforest escapades and is a sure-to-please destination for adventure travelers. It is also known for its awe-inspiring national parks, exotic fruit and outdoor expeditions like ziplining and canopy tours. Tourists can also experience whitewater rafting and horseback rides on the beach.

The best places to visit in Costa Rica include Monteverde Cloud Forest Biological Reserve, Tamarindo, Manuel Antonio National Park and Arenal Volcano. For more places, click here.

4. Argentina

It is the second-largest country in South America that is known for its natural beauty and cultural offerings. It is also considered as the safest as their authorities have very strict rules and regulations. And since crimes are extremely rare, Buenos Aires and Argentina are most recommended for solo travelers. Popular tourist destinations include Buenos Aires, Patagonia and Iguazu Falls.

5. Ecuador

This Latin American nation may be small but it has a wide array of wonders from picturesque colonial center to the scenic Amazonian rainforest and breathtaking heights of the Andes. It is also the safest place to visit in the region as they continue to uphold low crime rates across the nation. For places to visit, don't forget the Galapagos Islands, the Amazon forest, Baños and Cuyabeno Wildlife Reserve.