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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.

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Argentina

The Argentine economy once more expanded noticeably during 2008 and rising investment drove the capital formation ratio to 20.8%. There was a strong slowdown in the course of the year, however, reflecting the impact of the international crisis as well as a number of domestic factors. In the first few months of 2009, construction and manufacturing showed signs of a downturn, especially in sectors affected by consumption of durable and production goods, and agriculture was hit by a severe drought and uncertainty over prices and profits. Nevertheless, official indexes of aggregate economic activity continued to show positive year-on-year variations, in the first quarter. According to ECLAC projections, economic growth will be 1.5% in 2009. Unemployment remained historically low, although labour-market conditions continued to worsen and the manufacturing employment rate dipped towards the end of 2008 and into the early months of 2009. Variation in the consumer price index was estimated by the National Institute of Statistics and Censuses (INDEC) at 7.2% for 2008.

English

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