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.




Gross domestic product (GDP) fell by over 3% in 1999 owing to declines in both domestic and external demand and a prolonged drought that cut back agricultural supply. The reversal in the terms of trade caused national income to shrink by 5 % after having posted a 7 % growth rate in 1998. The procyclical nature of the tax regime was one of the factors underlying the expansion of the non-financial public-sector (NFPS) deficit to 3.6% of GDP, while the external current account deficit widened to almost 3% of GDP. This widespread downturn raised unemployment to over 11 % and this, in combination with imported deflation and a slowdown in monetary expansion, held domestic price increases to just 4%, the lowest figure in the last 50 years.


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