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Economic Survey of Latin America and the Caribbean 1997-1998

image of Economic Survey of Latin America and the Caribbean 1997-1998

The Economic Survey of Latin America and the Caribbean, 1997-1998 is the fiftieth edition in this series. To mark this milestone, a special chapter has been included in this edition which traces the history of the publication and outlines the way in which the economic situation in the region has been viewed during each of the periods examined. Once again, the Survey has been published as a single volume consisting of three parts. Part 1 contains an overview of the economy in 1997 and the first half of 1998. Part 2 presents reports on the 20 countries of Latin American and on the situation in the countries of the English-speaking Caribbean. Part 3 reviews the 50 years of the Survey.

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The external sector

The trends seen in the external sector in 1996 deepened in 1997. Despite the retreat of foreign capital triggered by the Asian crisis in the second half of the year, for 1997 as a whole a record volume of external capital flowed into the region, making it possible to build up reserves and cover larger current account deficits. These shortfalls were associated with a huge increase in the volume of imports, which far outstripped the sharp upswing in exports that took place as the world economy continued to flourish, even though the outlook was dimmed somewhat by the possible implications of the crisis in Asia.

English

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