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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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Peru

After having grown by 7.2% in 1997, the Peruvian economy expanded by just 0.7% in 1998. This poor result was due to the havoc wreaked on fishing and agriculture by El Nino and a fall in metal prices resulting from the Asian crisis. Although factors were more or less expected at the beginning of the year, their effect was compounded by the unilateral debt moratorium declared by Russia, which led to reduced capital flows to emerging countries, and the Brazilian crisis, which pushed up the perceived risk level of the region as a whole. On the external front, the Government faced this situation by combining devaluation and the shedding of international reserves; even so, the current account deficit on the balance of payments widened to 6% of GDP.

English

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