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.



Bolivarian Republic of Venezuela

The Venezuelan economy exhibited less buoyant growth in 2008 than in previous years: GDP increased 4.8% compared with average annual growth of 9.7% in 2004-2007. The economy slowed down even further in the first quarter of 2009, with GDP increasing just 0.3% with respect to the same period in 2008, and economic activity is projected to stagnate in 2009, with GDP growth at around 0%. Plunging international oil prices have slashed foreign exchange earnings (which are largely dependent on petroleum exports), and heavier restrictions and longer waiting times have been established for the purchase of foreign exchange at the official exchange rate. The government’s purchasing power has meanwhile diminished because the exchange rate was kept constant and inflation remained notably high.


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