1887

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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Panama

The year 1989 saw a continuation of the severe recession experienced during the two previous years and which was particularly pronounced in 1988. The backdrop to this recession was a serious political crisis which entered a period of “wait and see” during the first half of the year (while the electoral process was underway) and then worsened leading eventually to foreign military intervention. Against this background, the gross domestic product again fell, this time slightly (-0.8%), following the 16% drop in 1988. As a consequence of this, in the last two years alone per capita gross domestic product fell so sharply that it was almost 20% less than in 1980.

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