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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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Suriname

Despite the cooling of international commodity prices in the second half of 2008, the Suriname economy maintained 5.2% growth in 2008, down only slightly from the rate of 5.3% achieved in 2007. Growth was led by construction, mining, and wholesale and retail commerce, restaurants and hotels. An overall fiscal surplus of approximately 2.1% of GDP was recorded, compared with 5.7% in 2007. The Central Bank maintained its Suriname dollar (S$) cash reserve requirement at 25%, and both deposit and lending rates remained stable, ending the year at 6.3% and 12.0% respectively. Domestic credit expanded by 20%, and the December-December inflation rate stood at 9.4% (8.3% in 2007), although by April 2009 this indicator had dwindled to 0.8%. Once again, the balance-of-payments current account exhibited a surplus (equivalent to 14.5% of GDP). The government continues to focus its fiscal policy on promoting growth, while its monetary policy targets inflation. In 2009, GDP is expected to grow by 2.5%.

English

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