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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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Costa Rica

Having contracted by 1.3% in 2009, the real GDP of Costa Rica grew by 4.2% in 2010. This upturn is attributable to the strong performance of exports and a moderate expansion in consumption and gross investment. Per capita GDP grew by 2.8%, thus reversing the 2.6% fall sustained in 2009. Inflation stood at 5.8% at the end of the year, which is within the target range announced by the central bank at the beginning of the year. The open unemployment rate improved, standing at 7.3% compared with 8.4% in 2009. The central government balance continued to deteriorate and closed the year at a figure equivalent to 5.2% of GDP, compared with 3.4% in 2009. The balance-of-payments current account deficit widened considerably to 3.6% from 2% in 2009.

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