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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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The external sector

The shock waves from the crisis that erupted in Asia in 1997 were transmitted to Latin America and the Caribbean through the external sector, where both merchandise trade and capital flows were adversely affected. The main trade effects were a steep decline in the prices of commodities, which make up the bulk of the region’s exports, and a weakening of external demand in many of the countries. The first of these factors led to a drop in unit values for exports, and the second to a slowdown in the growth of export volumes -compounded, in some countries, by the destruction of export crops as a result of weather-related natural disasters. The end result was that the region’s export earnings fell for the first time since 1986 and the growth of the purchasing power of exports slowed considerably.

English

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