Economic Survey of Latin America and the Caribbean 1982

image of Economic Survey of Latin America and the Caribbean 1982

Reviews the main changes during 1982 in the parities and exchange systems of the countries of Latin America, and the basic features of the processes renegotiation external debt. Discuss exchange rate policy implemented by the countries of the region, highlighting the existence of strong devaluations and changes in exchange systems. It describes the general mechanisms of debt rescheduling, conditions for renegotiation, and the IMF's role in this process.




In 1982, for the second year in a row, the Brazilian economy showed a recessive trend which was reflected in the decline of per capita income, high inflation rates similar to those of the immediately preceding years, and a decline of employment in the formal sector similar to that of 1981. In addition, the problems of the external sector as regards both current and capital transactions were accentuated. The prolonged economic recession in the industrialized countries and the high interest rates on the international financial markets began to have an impact on the Brazilian economy, not only directly, but also indirectly through their growing impact on other developing countries that had become major trading partners of Brazil. This meant that income from exports declined sharply, as did the procurement of external financial resources, which dropped significantly because of the contraction of the private international financial system, especially during the last months of the year.


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