Economic Survey of Latin America and the Caribbean 2010-2011

International Integration and Macroeconomic Policy Challenges Amid Global Economic Turmoil

image of Economic Survey of Latin America and the Caribbean 2010-2011

This publication is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This sixty-third edition of the Economic Survey looks at the nature of the recovery from the financial global and economic crisis whose fallout spread across the region in the second half of 2008 and in 2009. It also delves into the challenges posed by highly liquid conditions in international financial markets combined with high prices for the region’s key commodities. Finally, it analyzes the situation in the countries of Latin America and the Caribbean during 2010 into the first part of 2011.




In 2010, Guatemala’s real GDP grew by 2.8% (up from 0.5% in 2009), driven by an upturn in exports as the United States economy picked up and by growth, albeit modest, in domestic demand on the back of a slight improvement in remittances and foreign direct investment (FDI). Annual inflation, as at December, reached 5.4%, and the fiscal deficit stood at about 3.3% of GDP (just higher than the 3.1% of GDP posted in 2009). The trade deficit represented 10.8% of GDP and the balance-of-payments current account deficit was equivalent to 2% of GDP.


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