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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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Ecuador

In 2010 the economy of Ecuador was back on course, recording moderate GDP growth of 3.6% compared with 0.4% in 2009. Thanks to higher oil prices, the projection for 2011 has been revised upward to 6.4%. A slight upsurge in inflation is forecast for 2011, in view of international price rises. It is estimated that twelve-month inflation will close the year at between 3.5% and 4%, up on the rate of 3.3% recorded in 2010. The price increases seen in the first quarter indicate that the downward trend has come to an end, since the seasonal upswing was higher than expected for services and food. This is also borne out by higher international commodity prices, the devaluation of the dollar and the possibility that economic growth may exceed expectations. The buoyant economic performance brought about an improvement in the employment situation, and the unemployment rate fell by almost one percentage point.

English

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