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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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Guyana

The Guyanese economy continued to show strong growth due to buoyant commodity prices and robust domestic demand. Growth in 2010 was estimated at 3.6%, up from 3.3% in 2009. This performance was observed despite a 5.5% contraction in the sugar industry, which is a mainstay of the domestic economy and a key contributor to foreign-exchange earnings in Guyana. The non-sugar economy grew by 4.3%. In 2011 GDP growth of 4.0% is forecast owing to the continuing difficulties in the sugar industry.

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