Economic Survey of Latin America and the Caribbean 2008-2009

Policies for Creating Quality Jobs

image of Economic Survey of Latin America and the Caribbean 2008-2009

This publication comes at a critical point in the economic development of the Latin American and Caribbean region. A growth phase that the region's recent history cannot equal in nature and duration has come to an end and output is contracting. The first part of this edition looks at the channels through which the crisis is affecting the economies of the region and its impact on variables such as economic growth, employment and external-sector indicators. It also discusses the strengths and weaknesses of the countries and concludes with a discussion of the outlook for the second half of the year. The second part discusses policies for creating quality jobs, including challenges and opportunities for labor institutions and labor markets, labor-market policies for youth and women. This CD-ROM also contains the electronic versions of the printed publication. The statistical information reflects data available up to 30 June 2009.




Reflecting the impact of the global recession, growth slowed significantly during 2008, falling to 0.5% (3.4% in 2007). With the country’s heavy dependence on tourism, the fall in visitor arrivals from North America and Europe became a major cause for concern. Commerce, restaurants and hotels amounting to almost 86% of GDP, posted a contraction of 0.4%. Construction, a big driver of growth in recent years, also recorded negative growth. The outlook for 2009 is no more encouraging, and GDP is expected to fall by 3%.


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