Economic Survey of Latin America and the Caribbean 1988

image of Economic Survey of Latin America and the Caribbean 1988

In 1988, the economic crisis of Latin America and the Caribbean took a dramatic turn. For the first time since the 1981-1983 recession, the per capita product declined to a level equivalent to that of 1978; inflation almost quadrupled to an unprecedented average of 760%, and real incomes declined in most of the countries.



The external sector

In 1988 the region's exports evolved in a context of contradictory trends in the international commodities market. Although petroleum prices fell to their lowest levels since 1974, the prices of most other commodities rose, in some cases as high as the nominal dollar prices at the beginning of the decade. However, the considerable increases in dollar prices for manufactures thus far in the 1980s have resulted in a persistent trend towards a deterioration in the terms of trade of commodities.


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