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.



Current conditions and outlook, 2002

Against the backdrop of a very sluggish international economic environment, the reactivation that began in Latin America and the Caribbean in 2000 was short lived. After having stalled in 2001, economic growth is expected to be negative (-0.8%) for 2002, and unemployment is projected to reach a record of over 9%. The severe crisis in Argentina accounts for a great deal of this downturn, however; the growth rates of the rest of the economies in the region have also slackened, but will nonetheless be positive in most cases. In fact, if Argentina is factored out of the totals, then a modest expansion (slightly over 1%) of the region's GDP is projected. Inflation has remained low in most of the countries, with the rise in the regional indicator being attributable to the effects of major devaluations in Argentina and Venezuela.


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