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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Uruguay

The Uruguayan economy slumped during 1988 after two years of brisk activity. The economy showed very little growth and inflation revived, while the fiscal adjustment was kept at a level at which interest payments made up nearly the whole of the déficit. The external sector was affected by opposing forces; on the one hand, a significant rise in the international price of or demand for the country's principal agricultural products brought exports to their highest historical level in current values; on the other, the unsettled regional situation caused trade in manufactured articles to decline and made it difficult to manage the exchange rate policy, although it did not deter a lively inflow of capital through the sale of public securities and the deposit of funds in foreign currency.

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