Economic Survey of Latin America and the Caribbean 1993

image of Economic Survey of Latin America and the Caribbean 1993

Issued in two volumes - volume I gives insight into the economic trends, the international economy and the role of exchange rate policy in Latin America and the Caribbean. Volume II explores the economic developments by country. Complimentary statistical tables are included.




The Venezuelan economy entered a recession in 1993, after a very buoyant three years in which the economy grew at an average rate of around 8% per annum. Gross domestic product (GDP) dropped by about 8%, against a backdrop of political uncertainty, the increase in the cost of domestic borrowing and the curbing of public expenditure after a new fall in the main oil-related government revenues. Inflationary expectations, sustained by the deficit in the public accounts, led to a reduction in demand for liquidity by the public and caused price rises to accelerate to almost 46% for the year as a whole.


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