Economic Survey of Latin America and the Caribbean 2007-2008

Macroeconomic Policy and Volatility

image of Economic Survey of Latin America and the Caribbean 2007-2008

The Economic Survey is one of ECLAC's flagship publications, and has been issued since 1948. This new edition covers the region's economic performance in 2007 and the first semester of 2008, and suggests growth estimates for this year.



Member countries of the Eastern Caribbean Currency Union

The economies of the Eastern Caribbean Currency Union (ECCU) continued to show positive growth for the sixth consecutive year. In 2007, growth slowed to 5.2% from 6.3% in 2006 as many public and private construction projects relating to the Cricket World Cup were completed. In addition, there was a significant deceleration in the tourism sector, which declined by 0.6% in 2007 compared with 6% growth in 2006. Fuelled by hikes in oil and food prices, especially in the last quarter of 2007, inflation stood at 6.1%, up from 1.3% in 2006, and is expected to continue to trend upwards in 2008. While remaining positive, economic growth is projected to slow in 2008 to 3.8%, mainly as a result of the slowdown in the United States economy and soaring international oil, food and other commodity prices.


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