1945

Stabilization gains were consolidated in a context of strong economic growth, despite adverse developments on the international scene in the closing months of 1997. Declining inflation confirmed the success of macroeconomic policies designed to meet the challenges of external openness, policies generally based on the management of the exchange rate as a nominal anchor. This strategy was made possible by abundant inflows of external capital, which allowed demand pressures to be absorbed by increased imports.

Related Subject(s): Economic and Social Development
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