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Economic Survey of Latin America 1948

image of Economic Survey of Latin America 1948

The Economic Survey of Latin America is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). It covers the economic situation in Latin America and provides a concurrent economic overview of the region.

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The inflationary process

At the beginning of 1949 the majority of the Latin-American countries were facing monetary problems which in some cases were notably grave. With four exceptions, the gold and foreign exchange assets of all countries have declined from the peak they reached around 1946. Even though they are higher, on the whole, than in 1938, their usefulness as a means of international payment is relatively less in certain cases because part of the foreign exchange holdings are blocked or inconvertible, and also because international prices have risen.

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