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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.

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Belize

The continued impact of the floods of 2008 and the contagion from recessionary conditions in major markets led to a retreat from sound growth in 2008 (3.8%) to no growth (0%) in 2009. Nevertheless, this leaves Belize as one of the better performers in the Caribbean, given the pervasive downturn in the region. The primary goods and services sectors took the brunt of the impact, with contractions of 2.4% and 1.4%, respectively. Owing to lower fuel and food prices and sluggish internal demand, Belize experienced deflation of 0.4% in 2009 following price rises of 4.4% in 2008.

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