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 Venezuelan economy experienced an unusual combination of severe economic recession (indeed, the worst in a decade) and a significant upturn in the prices of its oil exports. The decline of over 7% in output was primarily attributable to production cuts that Venezuela applied in conjunction with other major oil-exporting countries in order to reverse the downward trend of prices. Private activity was slack despite the drop in interest rates. This decrease was brought about by monetary policy within the context of a protracted process of political and institutional change whose outcome appeared to be uncertain. The economic recession resulted in a serious deterioration in employment conditions.


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