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.




Recessionary conditions in the Bahamas deepened in 2009, with real GDP falling by 4.3%. Weakened tourism demand in major markets led to a decline in stay-over arrivals and reduced average spending. Value added in offshore financial services was also down due to the recession in major markets. The slump in activity caused unemployment to increase sharply to 14.2%. Inflation moderated to 1.3% because of declining oil and other commodity prices.


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