Current conditions and outlook, 2002

Against the backdrop of a very sluggish international economic environment, the reactivation that began in Latin America and the Caribbean in 2000 was short lived. After having stalled in 2001, economic growth is expected to be negative (-0.8%) for 2002, and unemployment is projected to reach a record of over 9%. The severe crisis in Argentina accounts for a great deal of this downturn, however; the growth rates of the rest of the economies in the region have also slackened, but will nonetheless be positive in most cases. In fact, if Argentina is factored out of the totals, then a modest expansion (slightly over 1%) of the region's GDP is projected. Inflation has remained low in most of the countries, with the rise in the regional indicator being attributable to the effects of major devaluations in Argentina and Venezuela.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions