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Economic Survey of Latin America and the Caribbean 1991

image of Economic Survey of Latin America and the Caribbean 1991

Published in two volumes - volume I gives insight into the economic trends, the international economy and the role of exchange rate policy in Latin America and the Caribbean. Volume II explores the economic developments by country. Complimentary tables of statistics are included.

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Cuba

The difficulties plaguing the Cuban economy since the second half of the 1980s, brought on by the gradual economic decline of the member countries of the Council for Mutual Economic Assistance (CMEA), grew worse in the 1990-1991 biennium. Obstacles to obtaining supplies of raw materials and capital goods and deteriorating terms of trade were aggravated by the debt crisis, which was slowly cutting off access to the international capital market, and by adverse weather conditions, such as the severe drought of 1986 and Hurricane Kate. All these factors combined brought the total social product down by nearly 4% in 1987. The level of activity turned around in the next two years, but per capita output remained at a virtual standstill.

English

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