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.



Trinidad and Tobago

The international economic crisis closed a cycle of robust growth and massive twin surpluses in Trinidad and Tobago, a country which had benefited greatly from the escalation in international oil prices in recent years. Sharp contractions in the construction and commerce sectors led to a 0.9 percentage point decline in GDP compared with 2008, the first dip since 1993. From the fourth quarter, however, there were tepid signs of a recovery, which continued throughout the first quarter of 2010, in tandem with a rally in the energy sector spurred by more buoyant international prices. The central bank forecasts 2% growth for 2010.


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