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Economic Survey of Latin America and the Caribbean 1989

image of Economic Survey of Latin America and the Caribbean 1989

The Economic Survey of Latin America and the Caribbean is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). It covers the economic situation in Latin America and provides a concurrent economic overview of the region.

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Nicaragua

The most prominent feature of the Nicaraguan economy’s performance in 1989 was the control of hyperinflation. The annual variation in the level of prices fell from close to 34 000% to 1 700%. Some of the more dramatic elements of the previous year’s crisis were tempered, although a good deal of instability persisted. The central government’s deficit fell from26% of GDP to 5% as aresult of the sharp contraction of public expenditure. The rigorous fiscal policy made it possible to slow down the money supply, thereby becoming the main instrument against inflation.

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