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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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Bolivarian Republic of Venezuela

The Venezuelan economy contracted by 3.3% in 2009, and the rate of inflation was 25.1%. The country’s level of economic activity is expected to slow down further in 2010, with real GDP projected to fall by about 3%. It is also expected that inflation will remain high given the limited availability of foreign currency for importing goods and services at the official rates of exchange despite the recovery of oil prices during the second half of 2009 and early 2010. This limited availability is due to an imbalance between supply of and demand for foreign currency.

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