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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.

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Dominican Republic

Economic activity in the Dominican Republic continued to expand in 1998, thus prolonging the trend of recent years and growing at the fastest rate to be recorded in the entire region (over 7%) despite the destruction caused by the passage of Hurricane Georges in September (losses -mainly property damage— are estimated at over US$ 2 billion). Production flows were also impaired, although the reconstruction work undertaken in the aftermath of the hurricane had a positive effect on economic activity. On the other hand, the global financial crisis did not affect the Dominican Republic, thanks to its limited impact on growth in the United States (the country’s leading trading partner and main source of foreign exchange) and the fact that the scant development of the Dominican Republic’s capital market had the effect of sheltering it from the volatile foreign exchange flows observed in larger economies.

English

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