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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.

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Suriname

The economy of Suriname grew by 5.3% in 2007, led once again by increasing mineral production, with expansion of 10.5% in the mining and quarrying sector coupled with increasing international commodity prices. An overall fiscal surplus of approximately 3.1% of GDP was recorded, making 2007 the second consecutive year with a surplus. In response to perceived macroeconomic stability, the Central Bank lowered its reserve requirement from 27% to 25% and cut its deposit rates; as a result, the M1 money supply increased by 22%. Expanding credit coupled with externally-driven increases in food and fuel prices pushed the year-end inflation rate up to 8.3% (4.7% in 2006). The current account posted another year of surplus, with the merchandise trade surplus expanding by 8.1% in 2007. The government continues to focus on prudent fiscal policies in order to maintain a stable exchange rate and control inflationary pressures. In 2008, GDP is expected to grow by 5.3%.

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