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.




In 1999 the Colombian economy experienced its deepest recession of the entire twentieth century. A drastic adjustment of private-sector spending in the wake of the international financial crisis led to a 4.5% drop in gross domestic product (GDP) and pushed unemployment up to 20% in urban areas. As capital flows reversed direction, an adjustment had to be made in the current account, and it took the form of devaluation and recession. The magnitude of the external adjustment amounted to 4% of GDP, while inflation registered its lowest rate in 30 years (9.2%).


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