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Economic Survey of Latin America and the Caribbean 2009-2010

The Distributive Impact of Public Policies

image of Economic Survey of Latin America and the Caribbean 2009-2010

In 2009, the countries of Latin America and the Caribbean experienced the brunt of the global financial crisis on their levels of activity. However, since the second half of the that year, most countries in the region just begun a vigorous recovery that should strengthen with a regional GDP expansion of approximately 5.2 per cent. The factors behind a more positive performance are both external and internal in nature. Amongst the former can be included the continued dynamism of some key Asian economies, whose sustained demand for products from this region has created important conditions for a recovery in exports, especially in the case of South America.

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Barbados

Barbados experienced continued economic contraction in 2009, with GDP declining by 3.6%. This reflected the slowdown in most economic sectors during the year, with modest improvements during the first quarter of 2010, when the rate of decline improved to 0.1%. The economic slowdown reflected a 6.6% fall in sectoral GDP from tourism, a pivotal sector in the Barbadian economy. However, reduced growth in other sectors also contributed to the weakened economy, with mining and quarrying falling by 20.0% and construction down by 10.0%. The manufacturing sector also declined, by 5.0%.

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