Economic Survey of Latin America and the Caribbean 1988

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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.




In 1988 the Peruvian economy performed very unfavourably, despite the fact that the terms of trade improved substantially for the second consecutive year. The gross domestic product fell by 9% —the second largest decline in several decades— and in December the annualized rate of inflation exceeded the unprecedented figure of 1 700%. All of this took place in a context of growing political violence and uncertainty respecting institutional continuity.


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