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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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Macroeconomic policy

Stabilization gains were consolidated in a context of strong economic growth, despite adverse developments on the international scene in the closing months of 1997. Declining inflation confirmed the success of macroeconomic policies designed to meet the challenges of external openness, policies generally based on the management of the exchange rate as a nominal anchor. This strategy was made possible by abundant inflows of external capital, which allowed demand pressures to be absorbed by increased imports.

English

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