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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Main characteristics of the region's Economic Growth

The unfavourable growth of the region's economy for the eighth year running shows that, against the backdrop of long-standing structural problems, the recurrent macroeconomic distortions associated with debt servicing, the fiscal crisis and scarcity of foreign exchange have now acquired a dynamic force of their own which is reflected in increasing inflationary pressure, shrinking investments and lesser flexibility in economic policy. This context is the main reason for the poor performance in 1988 in terms of economic growth and stability.

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