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Economic Survey of Latin America 1964

image of Economic Survey of Latin America 1964

Published since 1948, this report examines various aspects of the previous year’s macroeconomic situation in the region and makes projections for the coming months. The study also includes country notes that review the performance of the main economic indicators in the period analysed.

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The evolution of the balance of payments, 1963-64

In the past two years, the external imbalance tended to decrease in most of the Latin American countries, partly as the resuit of a deliberately-planned policy dictated by the extent to which external indebtedness had mounted up and the low level to which monetary reverses had sunk, but partly too by virtue of the growth of export earnings, thanks to an increase in the volume of sales abroad and, above all, to the rise in world market prices. The latter trend began in 1963 and became widespread in 1964, benefiting most tropical and temperate-zone products, as well as metal ores, which account for a significant proportion of the region’s export trade. In this way, despite an expansion of imports in 1964, the imbalance was reduced in some cases, and in others a surplus was built up, so that less use was made of balance-of-payments loans and suppliers’ credits, and monetary reserves slightly increased.

English

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