Economic Survey of Latin America and the Caribbean 2009-2010
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Economic Survey of Latin America and the Caribbean 2009-2010

The Distributive Impact of Public Policies

In 2009, the countries of Latin America and the Caribbean experienced the brunt of the global financial crisis on their levels of activity. However, since the second half of the that year, most countries in the region just begun a vigorous recovery that should strengthen with a regional GDP expansion of approximately 5.2 per cent. The factors behind a more positive performance are both external and internal in nature. Amongst the former can be included the continued dynamism of some key Asian economies, whose sustained demand for products from this region has created important conditions for a recovery in exports, especially in the case of South America.

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Author(s):
ECLAC

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Panama’s economy posted GDP growth of 2.4% in 2009. The international financial crisis led to this break in the growth rate, which had averaged 9.6% in 2005-2008. The non-financial public sector recorded a slight deficit equivalent to 1.0% of GDP, as against a 0.4% surplus in 2008. The current account was balanced at the end of 2009, compared with a deficit equivalent to 11.5% of GDP in 2008. Unlike 2008, when inflation reached 6.8%, the annual rate for 2009 was more in line with historical levels, at 1.9%.