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.




Guatemala's macroeconomic performance flagged in 2001. Productive activity slowed down for the third year in a row, inflation spiked and the fiscal and trade deficits widened. Real GDP grew by 2.3%, compared to 3.6% the year before, and annual inflation reached 9.1%, exceeding by several points both the official target and the rate recorded the previous year. The consolidated public deficit was equivalent to 3% of GDP, which was higher than the 2000 level (2.2%), and both the trade deficit and the balance-of-payments current-account deficit remained high in relation to GDP (9.5% and 5.4%, respectively). The Monetary Board intervened in a number of financial intermediaries that were experiencing worsening solvency problems. In contrast, structural reform made decisive progress on several fronts.


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