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Economic Survey of Latin America and the Caribbean 1994-1995

image of Economic Survey of Latin America and the Caribbean 1994-1995

Issued 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 statistical tables are included.

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Venezuela

The recession which swept over the Venezuelan economy in 1993 deepened in 1994. In the wake of the political and economic instability of the year before, a severe crisis erupted in the financial system which caused expectations to take a turn for the worse and generated sharp imbalances in exchange and money markets, GDP shrank by 3% and inflation heated up in the first half of the year, closing out 1994 with a 71% increase in the consumer price index (CPi) within an economic environment influenced by exchange and price controls. Although these controls, which were introduced late in June, were adopted as a temporary measure by the administration that had taken office in February, they none the less signalled a turnaround in economic policy five years after the initiation of a liberalization programme.

English

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