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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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Cuba

The Cuban economy slowed sharply in 2009 as it struggled to counteract the effects of the international crisis. As the year went on and the global recession continued to worsen, the government had to make adjustments to the country’s economic plan and its growth target, reducing the latter from 6% to 2.5% and then to 1.7%. GDP growth was 0.8% in the first half and, after a modest upturn in the second half, averaged 1.4% for the year. This represented a continuation of the slackening trend revealed by the growth figures for the past three years: 12.1% in 2006, 7.3% in 2007 and 4.1% in 2008.

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