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.




The rate of recovery of the Cuban economy slowed to 2.5% in 1997 (7.8% in 1996) and the balance-of-payments current account deficit grew owing to a large increase (21%) in the volume of merchandise imports and mediocre export performance (3%). Growth in income from tourism services and current transfers helped to mitigate the foreign currency shortage. Despite persistently high liquidity ratios and a deterioration of 20% in the exchange rate, no major price adjustments were reported and the fiscal gap was reduced to 2% of output.


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