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.




Economic performance in 2001 varied markedly between the first and second semesters. During the first half of the year, the transitional government was forced to adopt a policy of austerity to deal with inherited economic imbalances and political uncertainty, which prolonged the recession that had begun at the end of 2000. As the political situation stabilized in mid-year, however, the authorities were able to take a more expansionary stance. In addition, a large mining project came on stream in the second semester, which helped to boost GDP. The year therefore finished with a modest growth rate of 0.2%, which nevertheless meant a downturn in per capita GDP. External conditions were unfavourable as falling demand dealt a blow to the prices of the main Peruvian exports. Even so, economic instability in the Latin American region did not affect the main macroeconomic variables.


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