Economic Survey of Latin America and the Caribbean 2001-2002

image of Economic Survey of Latin America and the Caribbean 2001-2002

This survey consists of two distinctive parts. The first part examines main aspects of the regional economy, while the second part contains an analysis of the individual countries in Latin America and the Caribbean. The part on the regional economy covers the situation in the first semester of 2002 and the prospects for the year as a whole. It also analyzes various aspects of the regional economy in 2001, including macroeconomics policies and reforms, the performance of the internal economy, and the external sector. The part on individual countries covers 20 nations in Latin America and the English-speaking Caribbean. It covers the period 2001 and early 2002, revealing country reports with tables and figures showing main economic indicators.




A strong upturn in the Ecuadorian economy in 2001 boosted GDP growth to a region-wide high of 5.6%. This, in combination with its performance in 2000 was just barely sufficient to compensate for the decline in GDP recorded in the deep recession of 1999. The stability achieved through dollarization contributed to a considerable surge in investment flows and consumption levels. The public sector ran a small surplus for the second consecutive year, and inflation fell dramatically, dropping from the previous year's figure of 91% to 22.4%. The resultant loss of exchange-rate competitiveness triggered an unwonted expansion in imports, which, added to the sluggishness of external demand, turned the current account surplus for the two previous years into a deficit equivalent to 4.3% of GDP. Unemployment declined substantially thanks to the growth of the economy and the continued emigration of members of the economically active population.


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