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.




The slowdown in economic activity that had been discernible in Panama since 1998 deepened in 2001, with growth receding to 0.3%, compared with 2.7% in 2000. Consequently, per capita GDP declined (-1.3%) for the first time since 1989. Economic performance was much lower than projected by the authorities at the beginning of the year (3.5%-4%) owing to a contraction in domestic demand (-5.4%), compounded by a very sharp decline in external demand in the last quarter of the year. Together, these factors contributed to an increase in the rate of unemployment.


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