Economic Survey of Latin America and the Caribbean 2009-2010

The Distributive Impact of Public Policies

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

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.



Eastern Caribbean Currency Union

Economic activity in the member countries of the Eastern Caribbean Currency Union (ECCU) shrank by 7.3% in 2009, compared with growth of 1.9% in 2008. This 9.2 percentage-point decline was the steepest since the GDP series was introduced and exceeded that of any non-ECCU Caribbean nation. All ECCU member countries recorded lower GDP figures with the exception of Montserrat, which reported 1% GDP growth. The sharpest contractions were recorded in Anguilla (-24.4%), Antigua and Barbuda (-10.9%), Grenada (-7.7%), Saint Kitts and Nevis (-8.0%) and Saint Lucia (-4.6%). Moderate decreases were reported in Dominica (-0.9%) and Saint Vincent and the Grenadines (-2.8%). These results were attributable to the dramatic fall, triggered by the global economic crisis, in stayover tourist arrivals and in construction linked to foreign direct investment (FDI).


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