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Economic Survey of Latin America and the Caribbean 2006-2007

image of Economic Survey of Latin America and the Caribbean 2006-2007

The publication surveys the main economic events and developments of 2006 and the first half of 2007 in the light of the region’s recent economic performance. The fifty-ninth edition of the survey is aimed to provide further inputs for the economic debates concerning means of promoting a rapid, sustainable growth process capable of creating conditions conducive to an improvement in the living conditions in the region. It also describes various aspects of the regions economic growth dynamics. The tables provided in the statistical appendix provide ready access to data for recent years and facilitate the creation of spreadsheets. The edition is supplemented by a CD-ROM.

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Peru

The Peruvian economy grew by 8.0% in 2006. Cumulative growth for the past five years stood at 32%, resulting in a 23% rise in per capita GDP. The unusually favourable external environment, particularly the high prices of the country’s main exports, led to high surpluses on the trade balance and the balance-of-payments current account. High fiscal revenue created a surplus equivalent to 2.1% of GDP in the non-financial public sector. This, together with strong inflows of foreign exchange, lessened external vulnerability thanks to reduced debt and increased international reserves. Low inflation (1.1% in late 2006) and a nominal exchange-rate appreciation promoted the dedollarization of the financial system. Unlike that of previous years, economic growth was largely based on domestic demand, which showed its greatest expansion in 10 years, stimulated by considerable job creation and strong private investment.

English

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