1887

Economic Survey of Latin America and the Caribbean 1987

image of Economic Survey of Latin America and the Caribbean 1987

In 1987 the acute economic crisis in which Latin America and the Caribbean have been plunged since the beginning of the decade worsened. At the same time as the rate of economic growth fell, inflation sped up markedly, and the results achieved by the external sector, albeit more satisfactory, were limited to a very small number of countries.

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Argentina

The sharp acceleration in inflation, the delay experienced in the economic recovery begun in 1986 and the worsening of the fiscal and external deficits were the most outstanding occurrences in the economic development of Argentina in 1987. After the sudden let-up in the persistent inflation experienced by the country as a result of the application of the Plan Austral in mid-1985, inflation began to intensify again during the third quarter of 1986. During 1987, pressures on price levels increased, the fiscal and external deficits increased and the expectations of the economic agents became more unfavourable. Anti-inflationary measures were directed primarily at the management of price and income policies and at the achievement of greater monetary control, but the persistence of the fiscal and external deficits created a recurrent pattern of price acceleration and deacceleration.

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