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.




In 2001 the Bolivian economy racked up a third year of sluggish growth that fell far short of the rates of between 4% and 5% seen in the 1990s. The rate of 1.2% recorded in 2001 represented a further drop in per capita GDP. The main engine of economic growth was the production of natural gas for export, while domestic demand remained slack, especially in the area of investment, which continued to trend rapidly downward. In these circumstances, inflation came in at under 1% and the current-account deficit narrowed; this meant that the Central Bank could allow liquidity to expand slightly while maintaining a stable real exchange rate. At the same time, however, the fiscal deficit widened to 6.5% of GDP and open unemployment reached 8.5%.


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