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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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Mexico

The Mexican economy faltered in 2001, in sharp contrast both to its performance in 2000, when it expanded by 6.9%, and to the growth target of 4.5% announced at the beginning of the year. Following expansions averaging 5% over the previous five years, productive activity shrank by 0.3% in 2001, causing per capita GDP to slip by 2%. The slowdown was caused by weakening external demand, with both external trade and investment shrinking, while private consumption remained relatively buoyant thanks to real wage growth and burgeoning consumer credit. Remittances from Mexicans living abroad nudged gross national income up by 0.4%. Against this recessionary backdrop, the pace of inflation eased, and the financial and foreignexchange markets remained stable.

English

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