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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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Colombia

Amid uncertainty about the solidity of the signs of improvement in Colombia, the country’s economy grew by 0.8% in 2009, making it a leading performer in a region whose overall economy contracted. The economy’s weak performance at the end of 2008 continued into early 2009. However, positive signs of improvement in the third quarter of 2009 were confirmed in the early months of 2010 when manufacturing and trade picked up and consumers and industry began to regain confidence. Given this situation, ECLAC projects growth of close to 3.5% for 2010.

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