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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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Dominican Republic

Thanks to expansionary policies and an upswing in external demand, the Dominican economy grew by 7.8% during 2010 (as against 3.5% in 2009). Strong growth in domestic demand deepened the balance-of-payments current account deficit to 8.6% of GDP (versus 5% in 2009) and in October the central bank embarked on a series of hikes in its reference rate, taking it from the historical low of 4% to 6.75% in May 2011. The cuts introduced during the second half of 2010 helped reduce the central government fiscal deficit to 2.5% of GDP.

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