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Economic Survey of Latin America and the Caribbean 2001-2002

image of Economic Survey of Latin America and the Caribbean 2001-2002

This survey consists of two distinctive parts. The first part examines main aspects of the regional economy, while the second part contains an analysis of the individual countries in Latin America and the Caribbean. The part on the regional economy covers the situation in the first semester of 2002 and the prospects for the year as a whole. It also analyzes various aspects of the regional economy in 2001, including macroeconomics policies and reforms, the performance of the internal economy, and the external sector. The part on individual countries covers 20 nations in Latin America and the English-speaking Caribbean. It covers the period 2001 and early 2002, revealing country reports with tables and figures showing main economic indicators.

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Colombia

The Colombian economy lost momentum, growing by only 1.6% in 2001, which was lower than the rate of population growth. Thus, the preceding year's recovery ground almost to a halt, with the result that growth over the past biennium barely made up for the loss of output suffered in the 1999 recession. This lacklustre performance kept unemployment and the fiscal deficit at virtually the same levels recorded in 2000. Despite the additional revenues generated by the tax reform that took effect in 2001, the fiscal deficit reached 3.3% of GDP. The current account of the balance of payments, after two years in surplus, recorded a deficit equivalent to 2% of GDP because of the erosion of the terms of trade and a volume decrease in traditional exports. Inflation continued to trend downward, reaching 7.65%, which was below the official target

English

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