Economic Survey of Latin America and the Caribbean

English
Frequency
Annual
ISSN: 
1681-0384 (online)
http://dx.doi.org/10.18356/851d5c63-en
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The Economic Survey of Latin America and the Caribbean is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). It covers the economic situation in Latin America and the Caribbean and provides a concurrent economic overview of the region, as provided by the Division and other experts based on statistical indicators which are collected annually.
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Economic Survey of Latin America 1965

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English
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Author(s):
ECLAC
31 Dec 1965
Pages:
412
ISBN:
9789210583503 (PDF)
http://dx.doi.org/10.18356/57deb42b-en

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Published since 1948, this report examines various aspects of the previous year’s macroeconomic situation in the region and makes projections for the coming months. The study also includes country notes that review the performance of the main economic indicators in the period analysed.

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  • Expand / Collapse Hide / Show all Abstracts Latin America as a whole

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    • Rate and characteristics of development
    • Some aspects of recent economic policy

      The persistence of the basic structural problems confronting the Latin American economics means that the major objectives of development policy must remain relatively constant. Certain changes can be detected, however, in the degrees of importance attaching or ascribed in recent years to the various problems concerned, as well as in the methods of tackling them adopted, and in the instruments selected to ensure more efficient action.

    • Progress in regional economic integration

      The advances made in 1965 serve to confirm that regional integration is an important feature of Latin America’s development policy, affecting not only trade flows but also the basic guidelines and patterns of each country’s internal development. This is particularly true of the Central American Common Market, whose progress is leading to a certain degree of economic interdependence between the five member countries, with the resuit that integration has now become an organic factor of development in their respective production Systems. By contrast, the smaller scope of the commitments thus far assumed by the countries belonging to the Latin American Free-Trade Association (ALALQ, combined with the different size and stage of development of their economies, explain why the aim of integration is not as forcefully directed at the adoption of internal development decisions and is more concerned with trade operations.

    • Recent evolution of foreign trade

      The world economic growth rate declined 1965, after a vigorous expansion in 1964.

    • Balance of payments and the external debt
    • World market conditions for Latin America's staple exports

      An examination of the way in which the export trade of the Latin American countries has developed in the last two years will show that the increase in the total value of exports in 1963 and 1964 was not due to basic structural changes but to factors of quite another kind, which it is important to point out, namely, the decline in sugar and coffee output, and the large purchases of cereals, and wheat in particular, made by the Soviet Union and other socialist countries. Naturally the high level of economic activity kept up in the United States and Western Europe also contributed to the satisfactory development of the Latin American export sector. In 1965, however, export earnings seem to have expanded more slowly than in the two preceding years, partly because of the drop in the prices of sugar, cocoa and wool and partly because of the Controls that had to be imposed on coffee exports to keep market quotations for this item fairly firm. The reduction in the growth rate of exports in 1965 was accompanied by another downturn in the terms of trade, as a resuit of the decline in international market quotations for some export items and the upswing in import prices.

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  • Expand / Collapse Hide / Show all Abstracts The recent economic situation in selected countries

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    • Argentina
    • Bolivia
    • Brazil

      Four outstanding events dominate the general picture of Brazil’s economy in 1965: the rise in the growth rate, the improvement in the external sector, the slowing-down of the inflationary process, and the attainment of a sounder position with regard to public sector income and expenditure.

    • Central America
    • Colombia
    • Chile

      Several events had an important and conflicting effect on Chile’s economic development in 1965. As in other countries of the region, the international situation, together with the support provided by external credit, made it possible to increase primary commodity export earnings. On the other hand, natural disasters such as the earthquake in the north central zone at the beginning of the year and the subsequent storms seriously affected the population and the supply of agricultural products. These include certain crops, forest plantations and imports of live-stock from Argentina. Lastly, to mention only the most outstanding factors, the change of administration at the end of 1964 led the following year to the application of new economic policy guidelines, which resulted in important fiscal and other changes and in plans of even wider scope whose significance cannot yet be evaluated for certain.

    • Mexico
    • Paraguay
    • Peru
    • Uruguay

      The intensification of inflationary pressures, largely owing to the long process of economic stagnation and instability that has prevailed since 1957, was one of the outstanding features of the evolution of the Uruguayan economy during 1965. In the last four years, prices rose steadily. Consumer prices climbed 10.9 per cent in 1962, 20.5 per cent in 1963 and 43.2 per cent in 1964, with an estimated increase of more than 55 per cent for 1965. The trend pursued by the economy in the past, which had evolved in a context of relative price stability, was altered by the stagnation of agricultural production and the slowing down of the industrialization process.

    • Venezuela
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  • Expand / Collapse Hide / Show all Abstracts Evolution of the main economic sectors

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    • Agriculture

      One of the main features of the economic evolution of Latin America as a whole in 1965 was the sharp rise in agricultural production. The product of the agricultural sector—defined as including forestry, hunting and the fishing industry—rose by 9.5 per cent in real terms in relation to 1964, as against a growth rate of the over-all product of 6.1 per cent.

    • Mining
    • Manufacturing

      In contrast to 1964, manufacturing did not make any notable contribution to the relatively high growth rate of the Latin American economy as a whole during 1965. In 1964 industrial production rose 9.8 per cent above that for 1963, an increase which was much greater than that for the over-all product, and hence manufacturing could be regarded as one of the main stimuli to economic growth. In 1965, on the other hand, the industrial growth rate was only 6.2 per cent, practically the same as for the economy as a whole.

    • Electric energy

      During the year 1965, the situation in the electric energy sector was characterized in almost all the Latin American countries by a rapid rate of development in respect of both generation and consumption. In some countries, growth rates which had fallen off during slumps in economic activity (particularly industry) were partly or wholly regained, while in others the upward trend that had already begun in recent years was maintained.

    • Petroleum

      There was a relatively small increase (2.7 per cent) in Latin America’s production of crude Petroleum in 1965 compared with the increment in 1964, i.e., it rose in absolute terms from 720,800 to 740,700 cubic metres per day.

    • Transport

      The scarcity of data on transport, which is a characteristic feature of this sector, has made it impossible to analyse the subject in sufficient detail to permit an evaluation of the basic causes of the problems hampering the co-ordinated development of the various means of transport, and a geographically balanced economic development at a minimum economic and social cost. Nevertheless, the analysis suggests at least some general conclusions.

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