Economic Survey of Latin America and the Caribbean 2010-2011
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Economic Survey of Latin America and the Caribbean 2010-2011

International Integration and Macroeconomic Policy Challenges Amid Global Economic Turmoil

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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ECLAC

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The Bahamian economy registered a modest recovery in 2010 with growth of 0.9% following a 5.4% decline in 2009. The economy benefited from a rebound in tourism triggered by the upturn in the United States, its major market. This rebound, together with buoyant activity in offshore financial services, helped to compensate for the weaker performance of the construction sector. Inflation declined as food and clothing prices fell. There are no official data, but employment, especially in tourism, was expected to pick up with the more buoyant economic activity. The fiscal situation deteriorated in fiscal year 2009/2010 as revenues declined more sharply than expenditure, but there was an improvement in 2010/2011. Meanwhile, the balance-of-payments current account deficit contracted moderately to 9.9% of GDP, as higher tourism receipts outweighed the increase in the trade deficit.