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.



Level of activities

In 1988 the sluggishness of the Latin American and Caribbean economy that had begun to be evident in 1987 worsened. After growing by 3.7% in 1986 and by nearly 3% in 1987, the gross domestic product barely rose by 0.5% in 1988. The per capita product thus fell by 1.7%; it was 7.5% lower than in 1980, when it had attained a record high, and was the same as the 1978 figure.


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