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Economic Survey of Latin America and the Caribbean 1998-1999

image of Economic Survey of Latin America and the Caribbean 1998-1999

This survey presents an overview of the regional economy and the economic performance in 1998 and the first half of 1999. It also offers individual country reports on the performance of the 20 countries of Latin America during 1998 and the first half of 1999. In addition, the Economic Survey of Latin America and the Caribbean analyzes the economic situation in the countries of the English-speaking Caribbean. This year's edition includes a CD-ROM that contains the statistical appendix.

English

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Brazil

The Brazilian economy has been severely shaken by the financial crisis that has been afflicting the world economy since mid-1997. GDP growth amounted to just 0.2%, which pushed unemployment up to 7.6%, while the country’s balance-of-payments position —already extremely vulnerable to external shocks because of the country ’ s sizeable fiscal deficit and overvalued currency— was further complicated by a downturn in the terms of trade and an abrupt reduction in capital flows to emerging economies. This, in turn, put a huge drain on foreign exchange reserves. On the other hand, the major achievement of 1998 was the reduction of inflation to its lowest level in the past 50 years (2.5%).

English

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