Economic Survey of Latin America and the Caribbean 1982

image of Economic Survey of Latin America and the Caribbean 1982

Reviews the main changes during 1982 in the parities and exchange systems of the countries of Latin America, and the basic features of the processes renegotiation external debt. Discuss exchange rate policy implemented by the countries of the region, highlighting the existence of strong devaluations and changes in exchange systems. It describes the general mechanisms of debt rescheduling, conditions for renegotiation, and the IMF's role in this process.



The evolution of the Latin American economy in 1982

In 1982, Latin America suffered an economic crisis that was the most serious of the entire postwar period and probably the most serious since the Great Depression of the 1930s. As will be seen later on, in most of the countries of the region, this crisis was reflected in the deterioration of almost all the main macroeconomic variables. Thus, in 1982 the total product of Latin America fell by almost 1% and the per capita product also fell, for the second year in a row. There is no precedent for either situation in the preceding four decades.


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