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Economic Survey of Latin America and the Caribbean 2003-2004

image of Economic Survey of Latin America and the Caribbean 2003-2004

This year's Survey, the fifty-sixth edition in this series, is divided into two parts. The first analyses the main features of the regional economy, while the second examines the situation in the individual countries of Latin America and the Caribbean. A summarized statistical appendix is supplemented by the more detailed information that is provided on the accompanying CD-ROM for ease of data processing.

English

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Dominican Republic

In 2003 the economy of the Dominican Republic was affected by the banking crisis that broke out in the second quarter of the year, requiring a financial bail-out that cost the equivalent of 20% of GDP. This crisis resulted in a drop of 0.4% in productive activity and in severe macroeconomic imbalances, including an abrupt currency devaluation (74%), a considerable increase in inflation (which went as high as 42.7%), a large deficit (4%) in the non-financial public sector and a quasi-fiscal Central Bank deficit of 2.5% of GDP.

English

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