1887

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.

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Costa Rica

The boost which it received from the external sector enabled the Costa Rican economy to improve its balance of payments in 1988, and it was also a decisive factor in the expansion of the gross domestic product, which grew by 3%, although this was admittedly below the average of 5% registered in the previous two years. The level of consumer prices rose by 25%, however: the biggest increase since a serious outbreak of inflation was brought under control in 1982.

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