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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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Belize

The Belizean economy recovered from stagnation in 2009 to grow by 2.9% in 2010, a rate, which, within the Caribbean Community (CARICOM), was only bested by that of Suriname (4.4%) and Guyana (3.6%). Activity was bolstered by a sharp rise in electricity generation and stronger growth in transport, communication and distributive trade. Tourism demand also improved owing to the nascent recovery in major markets. Despite the upturn in activity, inflation remained flat (0%) and higher employment was expected in recovering sectors. Notwithstanding the challenges presented by high debt levels and rising interest costs, the fiscal situation improved in 2010. Monetary policy sought to stimulate commercial bank lending to the private sector in order to facilitate the economic recovery. Meanwhile, robust growth in exports, combined with a modest rise in imports, led to a narrowing of the current account deficit by more than 50% as a percentage of GDP.

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