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Economic Survey of Latin America 1980

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The Economic Survey of Latin America 1980 Analyzes the evolution of the economy of the region in 1980. It examines economic developments in each of the countries of Latin America: production, prices, trade, current account balances and financing, economic growth, external sector and inflation. Specially highlighted in the economic development of Jamaica and Trinidad and Tobago in the '70s.

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Chile

In 1980 the evolution of the Chilean economy was marked by the slackening of the high growth rate achieved in the previous three years, the reduction of the rate of inflation, and considerable increases in the balance of payments current account deficit and the gross external indebtedness. These changes were accompanied by the continuation of the process of recovery of real wages and salaries begun in 1977, a noteworthy further increase in the productivity of labour in manufacturing, and a slight reduction with respect to the very high rates of unemployment recorded in the previous five years. In addition, the process of financial opening-up of the economy to the exterior was accelerated during the year, and this, together with the drop in the cost of financial intermediation caused by the reduction of legal reserves, helped to bring down the real level of interest rates. At the same time, the fiscal situation continued to be placed on a sounder basis, so that the central government operations turned in a surplus for the second time in the last thirty years.

English

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