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Economic Survey of Latin America and the Caribbean 1999-2000

image of Economic Survey of Latin America and the Caribbean 1999-2000

This summary provides an assessment of the Latin America and the Caribbean region's economy during 1999 and the first half of 2000. It presents an overview of each country's external sector, macroeconomic policy, activity levels, inflation, employment, saving and investment. The publication contains thirteen statistical tables.

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Panama

The pace of growth in the Panamanian economy slowed to 3.2% in 1999, following rates of over 4% in the two preceding years. Growth figures were undermined for the second year running by a downturn in external demand, especially from the rest of Latin America, which led to a steep drop in the level of re-exports from the Colon Free Zone. The formerly vigorous expansion of domestic demand slowed somewhat, partly as a result of the elections and change in Administration, which led to restrictions on public spending and generated a brief period of uncertainty. The economy maintained its traditional low level of inflation and the fiscal deficit was reduced, but a large deficit persisted on the current account of the balance of payments. An event of great significance for the country ’ s modernization drive occurred in December when the United States completed the process of handing over the assets and facilities of the Panama Canal to the Panamanian Government.

English

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