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 drawn-out economic crisis in Argentina reached unprecedented proportions in 2001. GDP contracted more sharply, shrinking by almost 11% in the fourth quarter and receding by 4.5% over the year as a whole. In 2002 the recession deepened, prompting forecasts that the level of activity would fall off by more than 10%. At the end of 2001, prices suddenly swung upward; the CPI had exhibited deflation that year (-1.5%), but after the currency devaluation there was a palpable increase in prices, which followed a decade of stability. Meanwhile, unemployment continued to rise, reaching extremely high levels, while merchandise trade accumulated a large surplus owing to the slump in imports.


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