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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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Peru

Peru’s GDP grew by 0.9% in 2009, showing a marked slowdown in economic activity compared with 2002-2008, when the country’s economy grew at an annual average rate of 6.8%. The impact of the international economic and financial crisis on the national economy resulted in a steep drop in external demand, which in turn led to a decline in industrial production, heavy inventory adjustments and a marked decrease in private investment because of lower demand and the uncertainty as to the course of the world economy that prevailed in late 2008 and throughout 2009. To temper the impact of the global crisis on the domestic economy, the government implemented a set of measures geared towards sustaining internal demand.

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