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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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Paraguay

Per capita output declined in 1998 for the third year running, as the economy as a whole shrank (for the first time in 12 years) by 0.5 percentage points in the wake of weaker external demand and the ongoing financial crisis. The downturn in demand from Brazil (Paraguay’s main trading partner) led to a decrease in both formal and informal trade, while the liquidation of several banks that were in difficulties as a result of the banking crisis had an adverse effect on commercial and financial activities. The same factors dampened the demand for money and drove up the demand for hard currency, which caused the guarani to depreciate and thus fueled inflationary pressures.

English

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