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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.

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Costa Rica

In the 1990s, Costa Rica made a major effort to diversify its exports in order to capitalize on its competitiveness position, the second strongest in Latin America. The overall drop in international demand over the past two years, however, which was especially marked in 2001, had a negative impact on external sales by the firm Intel, resulting in a severe contraction in exports. Thus, after having slowed down in 2000, GDP rose by 0.9% -or 2.7% excluding Intel- and per capita income stagnated. Inflation reached 11%, while the fiscal deficit widened to 3%. Open unemployment rose to 6.1% and real wages showed a modest increase. The external imbalance was equivalent to 4.6% of GDP owing to the erosion of the terms of trade, but international reserves were up slightly. Measures to step up the rate of currency devaluation failed to prevent the colon from appreciating.

English

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