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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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Nicaragua

In 2009, the Nicaraguan economy posted 1.5% negative GDP growth after 15 years of uninterrupted expansion, and per capita GDP was down 2.7% compared with its 1.4% growth in 2008. Falls in gross investment, consumption and goods exports were partly made up for by rising services exports and international cooperation from the Bolivarian Republic of Venezuela. Pressure on inflation declined, and the national figure ended 2009 at 0.9%. The current account deficit was significantly smaller than the previous year, at 13% of GDP. The central government deficit, however, was higher (2.3% of GDP) and unemployment rose (8.2%).

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