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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.

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Jamaica

Jamaica’s external-sector economic indicators improved in 2010 largely due to inflows from multilateral institutions and improved prospects in its major export markets. Economic policy was guided by a programme of fiscal consolidation under a 15-month stand-by agreement with the International Monetary Fund (IMF). This agreement, which sets a series of targets including fiscal targets, net international reserves and public debt, is monitored on a quarterly basis and is expected to result in inflows of some US$ 1.2 billion over its duration. Even though there were substantial foreign-exchange inflows, the economy contracted by 1.3% in 2010. GDP is projected to grow by 1.5% in 2011 thanks to stronger demand for Jamaican exports and to the fact that domestic interest rates have been trending down, stimulating private investment.

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